MYRTLE BEACH, S.C., June 9, 2005 (PRIMEZONE) -- Beach First National Bancshares, Inc. (Nasdaq:BFNB) today announced the sale by the Company of 1,000,000 shares of its common stock at $18.75 per share in a firm commitment underwritten offering sole managed by Sandler O'Neill & Partners, L.P. The Company has granted the underwriter an option to purchase up to an additional 150,000 shares to cover over-allotments. The offering is expected to close on June 14, 2005.
The Company also announced that its Nasdaq listing application has been approved. The Company's common stock will commence trading today on The Nasdaq National Market under the symbol "BFNB."
The Company expects to receive net proceeds from the offering of approximately $17.2 million after deducting underwriting discounts and expenses (assuming the underwriter's over-allotment option is not exercised). Net proceeds from the offering will be used for general corporate purposes, which may include, among other things, providing additional capital to the Company's subsidiary, Beach First National Bank, to support asset growth.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
A copy of the final prospectus relating to the offering may be obtained from Sandler O'Neill & Partners, L.P., 919 Third Avenue, New York, New York 10022, Attention: Syndicate Department.
The Beach First National Bank logo can be found at http://media.primezone.com/prs/single/?pkgid=703
Organized in 1995, Beach First National Bancshares, Inc. is the holding company for Beach First National Bank, a national banking association chartered under the laws of the United States. Headquartered in Myrtle Beach, South Carolina, Beach First has assets of $288 million and operates six banking locations in Myrtle Beach, Surfside Beach, North Myrtle Beach, Pawleys Island, and Hilton Head Island, South Carolina. The bank offers a full line of financial products and services, including NetTeller internet banking.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the Company's plans to offer its common stock and the anticipated use of proceeds of the offering. These statements are based upon the current expectations and beliefs of the Company's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements discussed in the Company's filings with the Securities and Exchange Commission.