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- Only a Small Portion of Outstanding Shares (2.86%) Is Subject to Lock-up Agreements. the Remaining Shares Outstanding Prior to the Offering Are Not Subject to Lock-up and May Be Freely Resold At Any Time (new) — The minimal lock-up coverage creates a significant share overhang risk, as the vast majority of existing shares can be sold immediately after the offering.
Financial Institutions prices 4M-share offering at $25.00, raising $100M gross for balance-sheet restructuring
Filed December 12, 2024 · ~1 min read
Key Changes
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Offering of 4,000,000 primary shares at $25.00 per share; gross proceeds $100M, net proceeds to company $94.3M.
The Offering verify on EDGAR → -
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Net proceeds will fund a balance-sheet restructuring: selling $550–650M of low-yield AFS securities at an expected ~$100M pre-tax loss and reinvesting at higher yields.
Use of Proceeds verify on EDGAR → -
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Implied post-offering market capitalization is $486.9M (19,474,314 shares outstanding at $25.00).
The Offering verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 3, 2026 · How we verify