Summit Financial Group Inc. in Moorefield, W. Va., said Thursday that it would extend the subscription period for its current stock offering, marking the second time it has pushed back the deadline.
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The subscription rights will expire on Oct. 31. The $1.5 billion-asset company is offering 8% noncumulative convertible preferred stock to common shareholders and the public. So far, Summit has received commitments for more than 60% of the $6 million it plans to raise. In an August press release, the company said it would offer up to 12,000 shares of preferred stock.
Summit initially announced the offering in August with an original deadline of Sept. 15. The company on Sept. 9 extended the deadline to the end of September.
