COLUMBIA, S.C., Jan. 3 /PRNewswire-FirstCall/ -- Carolina National Corporation announced that Scott & Stringfellow, Inc., the underwriter of the Company's recent offering of 1,000,000 shares of its common stock at $16.00 per share, has exercised its over-allotment option to purchase an additional 150,000 shares of common stock. The closing is expected to occur on January 6, 2006. The Company expects to receive net proceeds from the exercise of approximately $2.24 million, after the underwriting discount. The total net proceeds of the sale of 1,150,000 shares pursuant to the offering and over-allotment option are approximately $17.11 million, after underwriting discount and expenses.
This press release is not an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, solicitation or sale will be made only by means of the final prospectus, copies of which may be obtained by contacting: James A. Tyler, Jr. at Scott & Stringfellow, Inc., P.O. Box 1575, Richmond, Virginia 23218, (804) 780-3267.
Carolina National Corporation is the holding company for Carolina National Bank and Trust Company, an independent, community oriented, financial institution conducting a general commercial and consumer banking business from three locations in the greater Columbia, South Carolina marketplace.
