People's Utah Bancorp Prices IPO Above Mid-point Of Range

(RTTNews) - People's Utah Bancorp said Wednesday that it has priced its initial public offering of 2.5 million common shares at a public offering price of $14.50 per share, which is above the mid-point of the previously estimated price range of $13.00 to $15.00 per share

The shares will be listed on the Nasdaq Capital Market and will trade under the ticker symbol "PUB" beginning Thursday, June 11.

The company is offering 2,282,000 common shares and certain shareholders are offering 218,000 common shares. The underwriters have an option, exercisable until July 10, to purchase up to an additional 375,000 common shares from the company at the public offering price less the underwriting discount.

The offering is expected to close on June 16.

The company plans to use the net proceeds from the offering for expansion, both organic and through acquisition, and for general corporate purposes.

D.A. Davidson & Co. acted as sole book-running manager for the offering. Sandler O'Neill & Partners, L.P. and FIG Partners, LLC served as co-managers for the offering.