American National Bancorp raises $21 million in initial public offering

November 01, 1995|By Bill Atkinson | Bill Atkinson,SUN STAFF

American National Bancorp Inc., the new holding company for American National Savings Bank, completed its initial public offering and raised about $21 million, the company said yesterday.

"It was very successful," said American National's president and chief executive, A. Bruce Tucker.

Mr. Tucker said the company plans to use about half the money to expand its base in Harford and Carroll counties, and to pay a dividend to stockholders. The rest of the money will be used to beef up the thrift's capital base.

American National raised the money by selling 2.18 million shares of common stock for $10 a share. An additional 1.79 million shares of common stock was exchanged for 927,000 shares of the thrift's outstanding stock. Shareholders were given the right to receive 1.94 shares of the holding company's common stock for each share of American National Savings Bank stock.

American National Savings Bank converted to a mutual holding company in 1992 and issued 927,000 shares to the public the next year.

Trading was halted yesterday morning to inform investors that the holding company's stock would be traded in the place of American National Savings Bank's stock.

The holding company's shares began trading on the Nasdaq market under the symbol "ANBK." Before that, the thrift's shares were traded on the Nasdaq's small cap market.

The holding company's stock closed at $19.375 a share Monday. Yesterday, the stock closed at $9.625, adjusted for the additional shares issued.

Laurie Havener, an analyst with Friedman, Billings, Ramsey & Co., said the $426 million-asset thrift holding company is a good buy because management has ironed out its problems.

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