Latest Step to Recapitalize at First Federal Pulls In $8.7 Million

by George Waldon  on Monday, Jun. 27, 2011 3:42 pm  

First Federal Bancshares of Arkansas Inc. will issue more than 2.9 million shares at an exercise price of $3 per share.

The company announced Monday that shareholders fully subscribed to the common stock offering that closed June 21, part of a recapitalization effort implemented by Bear State Financial Holdings LLC.

The gross proceeds of the offering total about $8.7 million. This follows a May 3 private placement offering of 15.4 million shares with Bear State investors that generated more than $46 million.

Shares in the bank holding company for Harrison's First Federal Bank (Nasdaq: FFBH) are trading at $5.64 per share. In the last 52 weeks, it had traded as high as $19.50 and as low as $4.70 per share.

The community bank, founded in 1934, serves consumers and businesses in north-central and northwest Arkansas through 18 full-service branches, a loan production office and 29 ATMS.

 

 

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