FPB Bancorp Commences Public Stock Offering
December 7, 2009 (FinancialWire) — FPB Bancorp, Inc. (NASDAQ: FPBI), a Florida bank holding company whose subsidiary is First Peoples Bank, has commenced a public offering to sell units each comprised of four shares of its common stock and one warrant to purchase one share of common stock.
Each unit is being sold for $6.00 and the per share warrant exercise price is $2.00. The minimum size of the offering is $5.0 million and the maximum size is approximately $25.0 million. Kendrick Pierce & Co. Securities, Inc. is acting as the exclusive placement agent for the offering.
The company will primarily utilize the proceeds of the offering to provide capital to First Peoples Bank to maintain its capital ratios, reduce its classified assets and to support future loan and deposit growth.
FPB Bancorp, Inc. is a one bank holding company located in Port St. Lucie, Florida. FPB Bancorp, Inc.’s sole subsidiary is First Peoples Bank, which has six full-service branches located in Port St. Lucie, Fort Pierce, Stuart, Vero Beach and Palm City, Florida.
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