ELLICOTT CITY, Md.--(BUSINESS WIRE)--
Howard Bancorp, Inc. (Nasdaq:HBMD) (the “Company”), the parent company
of Howard Bank, today announced the pricing of an upsized underwritten
public offering of 2,400,000 shares of its common stock at a public
offering price of $15.00 per share, raising approximately $36.0 million
in gross proceeds. The Company has granted the underwriters a 30-day
option to purchase up to an additional 360,000 shares of its common
stock at the public offering price, less the underwriting discount, to
cover over-allotments, if any.
The Company intends to use the net proceeds from the offering for
general corporate purposes, including contributing to the capital of
Howard Bank to support its lending and investing activities, repayment
of debt and to support or fund acquisitions of other institutions or
branches as and if opportunities for such transactions become available.
Raymond James & Associates, Inc. is serving as bookrunning manager and
Stephens Inc. is serving as lead manager. The closing of the transaction
is subject to customary closing conditions. The shares are expected to
be delivered on February 1, 2017.
A registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission. The offering will
be made only by means of a prospectus and prospectus supplement. Copies
of the prospectus and, when available, prospectus supplement for the
offering may be obtained by visiting the SEC website at www.sec.gov or
by contacting: Raymond James & Associates, Inc., 880 Carillon
Parkway, St. Petersburg, Florida 33716, (800)-248-8863 or by email at prospectus@raymondjames.com.
About Howard Bancorp, Inc.
Howard Bancorp, Inc. is the parent company of Howard Bank, is a
Maryland-chartered trust company operating as a commercial bank.
Headquartered in Ellicott City, Maryland, Howard Bank operates a general
commercial banking business through its 13 branches located throughout
the Greater BaltimoreMetropolitan Area. It had consolidated assets of
approximately $1.0 billion at December 31, 2016. Additional information
about Howard Bancorp, Inc. and Howard Bank are available on its Web site
at www.howardbank.com.
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Howard Bancorp, Inc.
George C. Coffman, 410-750-0020
Chief
Financial Officer
Source: Howard Bancorp, Inc.