Middletown-based Community Heritage Financial Inc., the parent company of Middletown Valley Bank, Thursday announced the pricing of its public offering of 600,000 shares of common stock under Regulation A, Tier 2 at a public offering price of $21 per share.
The offering is expected to result in gross proceeds to the company of approximately $12.6 million. The net proceeds to the company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $11.4 million.
Community Heritage is offering the shares of common stock through an underwriter, Piper Sandler & Co. The underwriter will have a 30-day option to purchase up to 90,000 additional shares of common stock from the company at the public offering price, less the underwriting discount, to cover any over-allotments. The offering is expected to close on Oct. 3, subject to customary closing conditions.