ATLANTA, Nov. 12 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB)
(the "Company"), announced today that it, through its newly formed subsidiary
Premier Capital Trust I, completed its initial public offering of 1,150,000
Cumulative Trust Preferred Securities (the "Preferred Securities") at an
offering price of $25 per preferred security with an annual dividend rate of
9.00% (the "Offering"). The Preferred Securities represent preferred
undivided beneficial interests in the assets of Premier Capital Trust I. The
Offering was underwritten by J.C. Bradford & Co., Interstate/Johnson Lane
Corporation and Sterne Agee & Leach, Inc. and included the full exercise of an
option by the underwriters to purchase the $3.75 million aggregate liquidation
amount of Preferred Securities to cover over-allotments. The Preferred
Securities have been approved for quotation on the American Stock Exchange
under the Symbol "PMB.PR."
The Company will use the approximately $27.3 million in net proceeds from
the Offering for general corporate purposes, which may include contributions
to its subsidiary banks to fund their operations and expansion, the financing
of acquisitions, repayment of indebtedness and repurchase of shares of its
common stock. The proceeds from the Preferred Securities will qualify as Tier
I or core capital of the Company under the risk-based capital guidelines of
the Board of Governors of the Federal Reserve Board. Darrell D. Pittard,
Chairman and Chief Executive Officer of the Company and an Administrative
Trustee of Premier Capital Trust I, said: "The increased capital as a result
of the Offering will allow the Company's banking subsidiaries to grow their
assets internally by approximately $400 million. Following the closing of the
Offering, the Company will be one of the strongest capitalized bank holding
companies headquartered in Georgia."
The Company is a bank holding company headquartered in Atlanta, Georgia
with four subsidiaries including Premier Bank, Central and Southern Bank of
North Georgia, FSB, Central and Southern Bank of Georgia, and the Company's
mortgage lending and commercial finance subsidiary, Premier Lending
Corporation.
For a copy of the final prospectus or for additional financial information
on Premier Bancshares, Inc., contact Michael E. Ricketson, Executive Vice
President and Chief Financial Officer, at 404-814-3090.
SOURCE Premier Bancshares, Inc.
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CONTACT:
Michael E. Ricketson, Executive Vice
President and Chief Financial Officer, Premier Bancshares,
404-814-3090
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