CoBiz Financial Inc. (Nasdaq: COBZ - News), a financial services company with $2.5 billion in assets, announced the pricing of an underwritten public offering of 12,670,000 shares of the Company's common stock at a price of $4.50 per share. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $53.5 million. The offering size was increased from $45 million (as previously announced) to $57 million. CoBiz intends to use the net proceeds of the offering for general corporate purposes, including supporting the capital needs of its bank subsidiary, expanding its operations through new branch offices, possible acquisitions and funding working capital needs.
The Company expects to close the transaction, subject to customary conditions, on or about July 20, 2009.
Keefe, Bruyette & Woods is acting as sole underwriter. CoBiz has granted the underwriter a 30-day option to purchase up to an additional 1,900,500 shares of CoBiz common stock to cover over-allotments, if any.
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