HOUSTON — Sterling Bancshares, Inc. announced today that it has completed the previously announced registered offering of 8.28 million shares of common stock, which includes 1.08 million shares issued pursuant to the underwriter's over-allotment option.
On May 8, 2009, the common stock underwriter, Morgan Stanley & Co. Incorporated, exercised in full their option to purchase the additional 1.08 million shares. The offering resulted in net proceeds of approximately $54.8 million, after deducting underwriting fees and estimated offering expenses.
The capital raise positions Sterling to take advantage of growth opportunities within its target markets, including potential acquisitions and the continued hiring of talented bankers and personnel.