Lyons Bancorp completes stock offering
FINGER LAKES -- Lyons Bancorp Inc., the parent company of The Lyons National Bank (LNB), successfully completed its 2021 Shareholders’ Common Stock Rights Offering and filed the necessary closing documents with the Securities and Exchange Commission.
In the offering, shareholders had the right to buy one additional share of common stock for each thirteen shares they held as of Aug. 2, 2021, the record date of the offering, at a price of $39.50 per share.
“Almost 500 of our current shareholders took advantage of the Rights Offering and purchased additional shares at a discount to the current market price of our stock,” said Robert A. Schick, Chairman and President of the Company. “In total, Lyons Bancorp shareholders purchased 237,274 new shares amounting to nearly $9.4 million.” As of the date of this release, the trading price per share for Lyons Bancorp common stock was $42.99.
The Company will use the proceeds from the stock sale to continue its growth in markets it currently serves and to expand into additional markets in the Finger Lakes area. “We are obviously pleased with the positive response to the offering,” said Schick. “We are equally pleased that we could offer this opportunity to our loyal and supportive shareholders.”
Earlier this year, the Company’s board of directors authorized the payment of an additional one-time special dividend of $0.10 per share. The Company’s regular quarterly dividend of $0.31 per share will be paid Oct. 15. This dividend will be paid on all outstanding shares, including those that were recently purchased in the Rights Offering.
Lyons Bancorp Inc. is the financial holding company for The Lyons National Bank. The Lyons National Bank is a community bank with offices in Lyons, Clyde, Macedon, Newark, Ontario and Wolcott in Wayne County; Penn Yan in Yates County; Jordan in Onondaga County; Geneva, Canandaigua and Farmington in Ontario County; Waterloo in Seneca County, Perinton in Monroe County and Auburn in Cayuga County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.