Penns Woods Bancorp in Williamsport, Pa., could raise $20 million by selling common stock.
The $2 billion-asset company disclosed in a regulatory filing that it had hired D.A. Davidson to serve as the distribution agent to sell shares over time as part of an “at-the-market” offering.
Penns Woods said in its prospectus that net proceeds could be used for a variety of purposes, including a contribution of capital or supporting lending activities and growth. “Our management team will retain broad discretion over the allocation of the net proceeds,” the filing said.
D.A. Davidson was authorized to offer stock “at prevailing market prices” use “commercially reasonable efforts” to promote any offerings. Penns Woods will pay D.A. Davidson a fee of up to 2.75% of the gross proceeds of any shares sold.
Penns Woods has no obligation to sell any shares.