Civista Bancshares Stock Drops 12% On $70 Mln Share Offering

(RTTNews) - Civista Bancshares, Inc. (CIVB) shares fell 11.97 percent to $21.85 after announcing the pricing of a public offering of 3.29 million common shares at $21.25 per share, aiming to raise $70 million in gross proceeds.

The stock opened at $22.21 and traded between $21.58 and $22.41. Volume reached 195,712 shares, significantly above its average of about 49,800 on the Nasdaq. Civista now trades near the lower end of its 52-week range of $14.90 to $25.59.

The bank also granted underwriters a 30-day option to purchase up to an additional 494,118 shares, potentially bringing total proceeds to $80.5 million before expenses. Funds will be used for general corporate purposes, including organic growth and future transactions.