Evans Bancorp has raised another $1.3 million to support its growth plans.
The Hamburg-based parent of Evans Bank recently completed a public offering of 400,000 shares at $35 per share, which delivered the bank net proceeds of $12.9 million, after institutional investors bought up the shares. The underwriters of the offering, Sandler O'Neill & Partners, had the option of buying an additional 10 percent, or 40,000 shares at $35 per share, which the firm exercised this week. All told, the bank came away with net proceeds of $14.2 million, giving Evans a strong reserve of capital for the future.
Evans conducted its public offering at an opportune time last week, when its shares had soared to $35 per share, up 46 percent from a year earlier. The bank didn't offer a discount on the price, and the process brought new investors into the fold, which was another of Evans' objectives. Evans' stock closed at $36.40 on Wednesday.