Emclaire Financial commences $20M offering

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Related Companies Emclaire Financial Corp. (EMCF) Farmers Natl Bk of Emlenton

Related Documents Registration Statement (S-1/A) Emclaire Financial Corp. filed on 11/3/2009 Press Release (PR) Emclaire Financial Corp. 11/3/2009, filed on 11/3/2009

Related Articles 9/16/2009 Emclaire Financial files for common stock offering 12/23/2008 Emclaire Financial receives $7.5 million under TARP

Related Issues in Focus The World According to TARP

Related Offerings 12/23/2008 $7M Preferred Equity 9/16/2009 Common Equity

Emlenton, Pa.-based Emclaire Financial Corp. on Nov. 3 announced it has commenced an underwritten public offering of about $20 million in common stock.

The company said it intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the offered amount of stock to cover any overallotments. Sandler O'Neill & Partners LP is acting as lead book-running manager for the offering, with Boenning & Scattergood Inc. as co-manager.

The company also Nov. 3 filed an amended registration statement for the sale of up to 1,250,000 shares of its common stock, with a proposed maximum aggregate offering price, estimated for the purpose of calculating the registration fee, of $23 million, including the price of shares that the underwriters may buy under their overallotment option.

Subject to regulatory approval, Emclaire Financial said it intends to use the net proceeds in part to redeem all of the preferred stock issued to the U.S. Treasury Department under TARP, and it may repurchase the warrant issued to the Treasury as part of that transaction. The company has yet to reach an agreement with regulators on repaying the TARP funds, and it must obtain the approval of its primary regulators before redeeming these securities, though it has not yet sought approval, the filing said.

Also, Emclaire Financial said it expects to repay about $5 million on an outstanding revolving line of credit from the proceeds.

The company said it may also use the net proceeds for general corporate purposes, including contributions of capital to bank unit Farmers National Bank of Emlenton for anticipated balance sheet growth both organically and through acquisitions.

The company also announced that it received authorization to have its common stock listed on the NASDAQ Capital Market under the symbol EMCF and will be listed on the exchange Nov. 6, according to the release.