First Security Group, Inc. (NASDAQ: FSGI), the bank holding company for FSG Bank, announced today the completion of the company’s previously announced rights offering, which expired at 5 p.m. Eastern Time on Sept. 20.
The company received gross proceeds of approximately $5 million from the rights offering and issued 3,329,234 shares of company common stock in connection with the rights offering.
The rights offering was for shareholders of record as of April 10, 2013, who were provided the right to purchase two shares of ompany common stock for every share owned as of the record date, as well as the opportunity to request additional shares of Company common stock, if available. The subscription price was $1.50 per share with a maximum of 3,329,234 shares of company common stock available, or approximately $5.0 million.
The bank intends to use the net proceeds from the rights offering to supplement the capital of FSG Bank, officials said.
Raymond James & Associates, Inc. acted as dealer manager for the bank in the rights offering.