Investar Holding Corporation announced plans Thursday for a public offering of the company's common stock, pending approval by Investar Bank's shareholders at a special meeting set for Oct. 31.
Investar Holding Corporation announced plans Thursday for a public offering of the company's common stock, pending approval by Investar Bank's shareholders at a special meeting set for Oct. 31.
If approved, the plan, according to an Investar press release, is for an initial public offering of $40 million of its common stock at a value of $1 per share.
Thursday's press release continues:
The Holding Company has not yet finally determined the aggregate size of the offering, but will do so based on market conditions and other relevant factors at the time of the offering. We currently anticipate that the offering will be completed in 2014; however, there can be no assurance as to whether or when the offering will be completed or as to the size of the offering.
The purpose of the offering is to support the continued growth of Investar Bank.
Investar, which recently arrived in Lafayette and is scheduled to complete construction on its full-service branch on Ambassador Caffery in the fall, reported $530 million in total assets on June 30, and currently operates 10 branches in four markets located throughout southeast Louisiana.