MYRTLE BEACH, S.C., May 11, 2005 (PRIMEZONE) -- Beach First National Bancshares, Inc. (OTCBB:BFNB) today announced it has filed a registration statement with the Securities and Exchange Commission concerning the proposed public offering of 1,000,000 shares of its common stock. The Company is registering an additional 150,000 shares of common stock to cover potential over-allotments by the underwriter. All of the offered shares are being sold by the Company. The exact terms of the offering, which will be made only by means of a prospectus, have not yet been disclosed.
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.
Sandler O'Neill & Partners, L.P. will be the sole lead manager of the offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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.
Copies of the prospectus relating to the proposed offering, when available, may be obtained by contacting Sandler O'Neill & Partners, L.P., 919 Third Avenue, New York, New York 10022.
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.
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