Civista Bancshares Announces $70 Million Public Offering
Net proceeds to support organic growth and strategic transactions
Civista Bancshares, Inc., the parent company of Civista Bank, has announced the pricing of an underwritten public offering. The financial move aims to bolster the company’s resources for future expansion.
Offering Details
The offering consists of 3,294,120 common shares priced at $21.25 each, totaling $70.0 million. Additionally, underwriters have a 30-day option to purchase up to 494,118 more common shares.
According to the announcement, the gross proceeds could reach $80.5 million if the underwriters fully exercise their option. The offering is expected to close around July 14, 2025, pending standard closing conditions.
Use of Proceeds
Civista intends to use the net proceeds for general corporate purposes. These may include supporting organic growth opportunities and future strategic transactions, according to the company. As of 2024, community banks are seeing increased competition for deposits, which is driving some to seek new capital (S&P Global).
Underwriters
Piper Sandler & Co. is the sole book-running manager for the offering. D.A. Davidson & Co., Hovde Group, LLC, Janney Montgomery Scott LLC, Keefe, Bruyette & Woods, *A Stifel Company*, and Stephens Inc. are co-managers.
About Civista Bancshares, Inc.
Civista Bancshares, Inc., a $4.1 billion financial services holding company, is based in Sandusky, Ohio. Its primary subsidiary, Civista Bank, has been around since 1884, offering a range of services including banking, commercial lending, and wealth management.
Civista Bank has 42 locations across Ohio, Southeastern Indiana, and Northern Kentucky. Civista’s common shares are traded on the NASDAQ Capital Market under the symbol “CIVB”.
Important Information
Civista has filed relevant documents with the Securities and Exchange Commission (SEC), including a shelf registration statement and prospectus supplements. These documents are available on the SEC’s website.
Copies can also be requested from Piper Sandler & Co.
This announcement is for informational purposes only and does not constitute an offer to sell or solicit an offer to buy securities. Any offers or sales will be made in accordance with the Securities Act of 1933.