#United States #stock offering #Greenville #Southern First Bancshares

Southern First Bancshares Initiates Public Offering

In a significant move signaling its growth ambitions, Southern First Bancshares, Inc. (NASDAQ: SFST) announced the launch of an underwritten public offering of its common stock. This offering is not merely a financial transaction; rather, it reflects the company’s strategy to enhance its capital base while pursuing various growth initiatives.

Purpose of the Offering

The net proceeds from the stock offering are earmarked for general corporate purposes. These uses may include supporting organic growth strategies, fortifying the financial position of its bank subsidiary, repurchasing existing debt, or addressing various working capital requirements. As part of the offering, Southern First Bancshares has proposed to allow underwriters a 30-day option to acquire up to an additional 15% of the shares, further indicating confidence in the demand for its stock.

Financial Management and Strategic Goals

Piper Sandler & Co. is appointed as the sole book-running manager for this offering, with Keefe, Bruyette & Woods (a Stifel Company) serving as the co-manager. The careful orchestration of this public offering underscores the company's prudent financial management practices.

Moreover, Southern First Bancshares has indicated the intent to utilize the funds to bolster its capital structure, highlighting its commitment to sustainable growth. This strategic move comes at a time when financial institutions need to remain agile to navigate market fluctuations and competitive pressures.

Regulatory Considerations

The announcement further clarifies that it does not constitute an offer to sell or a solicitation to buy securities. The company has filed a shelf registration statement with the Securities and Exchange Commission (SEC), ensuring compliance with regulatory mandates. Interested parties can access the relevant documents through the SEC website or by contacting Piper Sandler & Co. directly for additional information about the offering.

A Brief Overview of Southern First Bancshares

Based in Greenville, South Carolina, Southern First Bancshares, Inc. serves as a bank holding company. Its flagship subsidiary, Southern First Bank, ranks as the second-largest banking entity headquartered in South Carolina. Established in 1999, Southern First Bank has expanded its presence across various locations, primarily operational in the Greenville, Columbia, and Charleston markets of South Carolina, along with several regions in North Carolina and Georgia. The bank has amassed substantial consolidated assets approximating $4.4 billion, with its stock publicly traded on the NASDAQ under the stock symbol