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Blackhawk Bancorp Completes $23 Million Capital Raise

 

BELOIT, Wis., March 15, 2017 /PRNewswire/ -- Blackhawk Bancorp, Inc. (OTCQX: BHWB)(the "Company" or "Blackhawk") announced that it has closed on the sale of $23.0 million of the Company's common stock in a private offering (the "Transaction").  The Company issued 948,500 shares at $24.25 per share, a 12% and 25% premium to the Company's December 31, 2016 book value and tangible book value, respectively.  The Company netted $21.9 million in proceeds and plans to redeem $6.1 million of subordinated debentures and repay $7.3 million of senior debt.  The remainder of the proceeds will support organic growth and expansion of the Company's subsidiary, Blackhawk Bank.

"The stock offering was very well received," said Rick Bastian, the Company's Chairman and CEO.  "We set out to raise $20 million and received initial subscriptions of nearly four times the targeted amount," he added.  "The additional capital gives Blackhawk the strength and flexibility to grow organically within our existing footprint, expand into contiguous markets or pursue other strategic opportunities that may arise," said Bastian. 

Hovde Group LLC served as the sole placement agent for the Company in connection with the Transaction. 

About Blackhawk Bancorp

Blackhawk Bancorp, Inc. is a $665 million holding company headquartered in Beloit, Wisconsin and is the parent company of Blackhawk Bank, which operates eight banking centers in south central Wisconsin and north central Illinois, along the I-90 corridor from Belvidere, Illinois to Janesville, Wisconsin.  Blackhawk's locations serve individuals and small businesses, primarily with fewer than 200 employees.  The Company offers a variety of value-added consultative services to small businesses and their employees related to its banking products such as health savings accounts and investment management.

Forward-Looking Statements

When used in this communication, the words "believes," "expects," and similar expressions are intended to identify forward-looking statements. The company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions; success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the company or its customers.

Important Information

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.  The securities sold in the Transaction have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act.

Further information is available on the Company's website at www.blackhawkbank.com.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/blackhawk-bancorp-completes-23-million-capital-raise-300424061.html

SOURCE Blackhawk Bancorp, Inc.

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RELATED LINKS
http://www.blackhawkbank.com


 

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