Oxford, MS 4/1/2011 (Penny PayDay) -- Emclaire Financial Corp. (Nasdaq:EMCF), the parent company of The Farmers National Bank of Emlenton (the "Bank"), yesterday announced, in a press release, the successful completion of a private placement offering of approximately 290,000 newly issued shares of its common stock. The net proceeds of the offering, after expenses, were $4.5 million. As I write, shares of Emclaire were priced at $17.25 per share on very light volume. The company has a market cap of $25 million and a 52-week range between $14.23 and $18.99 per share.According to the press release, the new common shares were issued to individual and institutional accredited investors at a slight discount to the recent market and tangible book values per share of the Corporation's common stock. Of the $4.6 million in gross proceeds from the offering, officers and directors purchased $1.2 million, other individual investors purchased $2.5 million and institutional investors purchased $914,000.
"We appreciate the confidence that investors have shown in our Bank and are extremely pleased with the success of the offering," said William C. Marsh, Chairman, President and Chief Executive Officer. "The addition of this capital puts us in an excellent position to expand our franchise."
Emclaire Financial Corp. is the parent company of The Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community bank headquartered in Emlenton, Pennsylvania, operating thirteen full service offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer counties, Pennsylvania.
For more information, visit the Corporation's website at "www.emclairefinancial.com".
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