Business
Eagle Financial Services, Inc. Announces Pricing of Common Stock Offering
BERRYVILLE, Va., Feb. 6, 2025 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI) (the "Company"), parent company of Bank of Clarke, today announced
About this update from Eagle Financial Services Inc
[{"type":"text","content":"BERRYVILLE, Va., Feb. 6, 2025 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI) (the \"Company\"), parent company of Bank of Clarke, today announced the pricing of its previously announced underwritten public offering of 1,562,500 shares of its common stock at a public offering price of $32.00 per share. The expected proceeds to the Company, after deducting underwriting discounts and commissions but before deducting operating expenses payable by the Company, are approximately $47.0 million. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 234,375 shares of Company common stock at the public offering price, less underwriting discounts, and commissions. The shares are expected to begin trading on the Nasdaq Capital Market on February 7, 2025 under the ticker symbol \"EFSI.\"\n\n \n \n \n \n \n \n\n \nThe Company intends to use the net proceeds from this offering for general corporate purposes, which may include balance sheet restructuring through the repositioning of our available-for-sale debt securities portfolio, and to support our capital ratios and our continued growth.\nKeefe, Bruyette & Woods, A Stifel Company is serving as the sole bookrunner for the offering, and D.A. Davidson & Co. is acting as the lead manager.\nThe Company expects to close the offering, subject to customary conditions, on or about February 10, 2025.\nAdditional Information Regarding the Offering\nThe offering of common stock is being made pursuant to a registration statement on Form S-3 (File No. 333-269804) that was declared effective by the Securities and Exchange Commission (the \"SEC\") on February 28, 2023. A preliminary prospectus supplement to which this communication relates has been filed with the SEC. A final prospectus supplement and accompanying prospectus will be filed with the SEC. Prospective investors should read the preliminary prospectus supplement and the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the offering. Copies of these documents are available at no charge by visiting the SEC's website at www.sec.gov. When available, copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying prospectus related to the offering may be obtained by contacting ...