Sussex Bancorp (SBBX)

[56Chevy]

Sussex Bancorp Successfully Completes Rights Offering

Company Release - 08/06/2013 17:00

FRANKLIN, N.J., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company for Sussex Bank (the "Bank"), announced today the completion of its rights offering on August 5, 2013. The rights offering, which expired at 5:00 p.m. Eastern time on July 29, 2013, was fully subscribed and resulted in gross proceeds totaling approximately $7.2 million before expenses. In total, including standby commitments of approximately $2.4 million from standby purchasers, the Company had total commitments of approximately $16.6 million to purchase the Company's stock. Over-subscription privilege requests were three times greater than what was available to issue.

"We are very pleased with the overwhelming confidence and support from our shareholders, which resulted in a successful, over-subscribed rights offering. The over-subscription demand validates the progress we have made over the last three years and to an extent substantiates the strategic direction of our Company," said Anthony Labozzetta, President and Chief Executive Officer of the Company and the Bank. "We are accomplishing a great turnaround at Sussex Bank as we continue to simultaneously reduce our legacy problem assets and execute our growth strategy," added Edward Leppert, Chairman of the Board of the Company and the Bank.

Shareholders exercised basic subscription rights and over-subscription privileges to purchase 1,198,300 shares of its common stock at a subscription price of $6.00 per share. As a result, the total number of shares of the Company's common stock outstanding is now 4,629,113, and, as of June 30, 2013, the Company's proforma tangible book value per share, inclusive of the additional shares and capital from the rights offering, was approximately $9.14. All excess subscription payments will be returned, without interest or penalty, as soon as practicable. Further, since the offering was fully subscribed, the Company did not utilize the standby commitments from the standby purchasers to purchase up to 404,161 shares of common stock.

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http://www.snl.com/irweblinkx/file.aspx?IID=4015338&FID=18779370

Closing bell today:

Sussex Bancorp (SBBX)
$ 6.69 down-0.01 (-0.15%)
Volume: 1,400