FNCB Bancorp in Dumore, Pa., has acquired a 4.9% stake in Quaint Oak Bancorp in Southampton, Pa.
The $707 million-asset Quaint Oak disclosed in a regulatory filing that it sold nearly 106,000 shares of common stock to the $1.7 billion-asset FNCB for roughly $2.4 million.
Quaint Oak said it agreed to sell another 116,000 shares to FNCB in the future, provided that FNCB’s stake is capped at 9.9%.
Quaint Oak said it will contribute $2.3 million of the net proceeds to its bank for general corporate purposes.
PNC FIG Advisory was the placement agent.