Tower Bancorp Inc. of Harrisburg, Pa., said that it will sell a minimum 2.2 million shares in its planned equity offering and that the shares priced at a 10% discount to their Wednesday close.
Shares were down 5.6% at $21.25 in recent premarket trading, compared with the $20.25 offer price.
The bank said Tuesday it planned to sell stock — but didn't say how many shares — seeking proceeds for general purposes including supporting its Graystone Tower Bank unit and repaying debt. It has seen its bottom line improve in recent quarters, and last week, it acquired First Chester County Corp. for $49.5 million in stock.
Recent weeks have seen a rash of stock sales, some pricing weakly, but double-digit discounts have been rare.