LAFAYETTE, La., June 7, 2017 /PRNewswire/ -- MidSouth
Bancorp, Inc. (the "Company") (NYSE:MSL) announced today that it
has commenced a public offering of $50.0
million of its common stock through a firm commitment
underwritten offering. Subject to receipt of required regulatory
approvals, the Company intends to use approximately $32.0 million of the net proceeds of the offering
to redeem all of its outstanding Series B Preferred Stock issued to
the U.S. Treasury as a result of its participation in the Small
Business Lending Fund. The Company intends to use the remaining
portion of the net proceeds from this offering to enhance its
capital structure, to fund future organic growth, for working
capital, and other general corporate purposes.
Sandler O'Neill + Partners, L.P. will serve as the sole
underwriter for the offering. The Company intends to grant the
underwriter a 30-day option to purchase from the Company up to an
additional 15 percent of the shares sold in the offering.
This announcement is for informational purposes only and is not
an offer to sell or the solicitation of an offer to buy any
securities of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
The Company has filed a shelf registration statement (including
a prospectus) (File No. 333-206488) and a preliminary prospectus
supplement with the Securities and Exchange Commission, or the SEC,
for the offering to which this communication relates. The sale of
shares of common stock in the underwritten offering is being made
solely pursuant to such prospectus supplement and accompanying base
prospectus. Before you invest, you should read the prospectus in
the registration statement, the preliminary prospectus supplement,
and other documents the Company has filed with the SEC for more
complete information about the Company and this offering. You may
get these documents for free by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, copies of the preliminary prospectus
supplement and the accompanying prospectus relating to the offering
may be obtained by contacting Sandler O'Neill + Partners, L.P.,
1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at
1-866-805-4128.
ABOUT MIDSOUTH BANCORP, INC.
MidSouth Bancorp, Inc. is a financial holding company
headquartered in Lafayette,
Louisiana, with assets of $1.9
billion as of March 31, 2017.
MidSouth Bancorp, Inc. trades on the NYSE under the symbol "MSL."
Through its wholly owned subsidiary, MidSouth Bank, N.A., MidSouth
offers a full range of banking services to commercial and retail
customers in Louisiana and
Texas. MidSouth Bank currently has
57 locations in Louisiana and
Texas and is connected to a
worldwide ATM network that provides customers with access to more
than 55,000 surcharge-free ATMs.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, which involve risks and
uncertainties. These statements include, among others,
statements regarding the offering and the anticipated use of
proceeds from the offering.
Actual results may differ materially from the results
anticipated in these forward-looking statements. Factors that
might cause such a difference include, among other matters, changes
in interest rates and market prices that could affect the net
interest margin, asset valuation, and expense levels; changes in
local economic and business conditions in the markets we serve,
including, without limitation, changes related to the oil and gas
industries that could adversely affect customers and their ability
to repay borrowings under agreed upon terms, adversely affect the
value of the underlying collateral related to their borrowings, and
reduce demand for loans; increases in competitive pressure in the
banking and financial services industries; increased competition
for deposits and loans which could affect compositions, rates and
terms; changes in the levels of prepayments received on loans and
investment securities that adversely affect the yield and value of
the earning assets; our ability to successfully implement and
manage our recently announced strategic initiatives; costs and
expenses associated with our strategic initiatives and possible
changes in the size and components of the expected costs and
charges associated with our strategic initiatives; our ability to
realize the anticipated benefits and cost savings from our
strategic initiatives within the anticipated time frame, if at all;
the ability of our strategic initiatives to adequately address the
anticipated concerns of the Office of the Comptroller of the
Currency (the "OCC") in its current examination of us; the outcome
of our current examination by the OCC, including the terms of any
enforcement action that may result from such current examination;
changes in the levels of prepayments received on loans and
investment securities that adversely affect the yield and value of
the earning assets; credit losses due to loan concentration,
particularly our energy lending and legacy commercial real estate
portfolios; a deviation in actual experience from the underlying
assumptions used to determine and establish our allowance for loan
losses ("ALLL"), which could result in greater than expected loan
losses; the adequacy of the level of our ALLL and the amount of
loan loss provisions required in future periods including the
impact of implementation of the new CECL (current expected credit
loss) methodology; future examinations by our regulatory
authorities, including the possibility that the regulatory
authorities may, among other things, impose conditions on our
operations or require us to increase our allowance for loan losses
or write-down assets; changes in the availability of funds
resulting from reduced liquidity or increased costs; the timing and
impact of future acquisitions or divestitures, the success or
failure of integrating acquired operations, and the ability to
capitalize on growth opportunities upon entering new markets; the
ability to acquire, operate, and maintain effective and efficient
operating systems; increased asset levels and changes in the
composition of assets that would impact capital levels and
regulatory capital ratios; loss of critical personnel and the
challenge of hiring qualified personnel at reasonable compensation
levels; legislative and regulatory changes, including the impact of
regulations under the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and other changes in banking, securities and
tax laws and regulations and their application by our regulators,
changes in the scope and cost of FDIC insurance and other coverage;
regulations and restrictions resulting from our participation in
government-sponsored programs such as the U.S. Treasury's Small
Business Lending Fund, including potential retroactive changes in
such programs; changes in accounting principles, policies, and
guidelines applicable to financial holding companies and banking;
increases in cybersecurity risk, including potential business
disruptions or financial losses; acts of war, terrorism, cyber
intrusion, weather, or other catastrophic events beyond our
control; and other factors discussed under the heading "Risk
Factors" in the Company's Annual Report on Form 10-K for the year
ended December 31, 2016 filed with
the SEC on March 16, 2017 and in its
other filings with the SEC.
The Company does not undertake any obligation to publicly update
or revise any of these forward-looking statements, whether to
reflect new information, future events or otherwise, except as
required by law.
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SOURCE MidSouth Bancorp, Inc.
