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Guaranty Federal Bancshares, Inc. Closes $17.2 Million Public Offering of Common Stock
Posted: 03/07/2014 | Castle Creek

Springfield, Mo.–(GLOBE NEWSWIRE)–Guaranty Federal Bancshares, Inc. (Nasdaq:GFED), the holding company (the “Company”) for Guaranty Bank, today announced the closing of its previously announced underwritten offering of its common stock. The Company raised approximately $17.2 million in gross proceeds by issuing 1,499,999 shares of its common stock, which includes the full exercise of the over-allotment option granted to the underwriter of 195,652 shares, at a price to the public of $11.50 per share. Raymond James & Associates, Inc. acted as underwriter and sole book-running manager for the offering.

Net proceeds from the sale of the shares after underwriting discounts and estimated offering expenses are expected to be approximately $15.9 million. The Company intends to use the net proceeds from the offering (i) to redeem the remaining 12,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation value of $1,000 per share and (ii) for working capital and for general corporate purposes, including potential future acquisitions.

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