Civista Bancshares slides after $70 million stock sale
Community lender Civista Bancshares' CIVB.O shares slide ~11% to $22.11 in early trading
Late Thursday, Sandusky, Ohio-based CIVB raised $70 million in a follow-on offering by selling ~3.3 million shares at $21.25 apiece, a 14.4% discount to stock's last close
Proceeds will be used for general purposes, including funding growth opportunities and future strategic transactions
Piper Sandler was the sole book-running manager for the offering
Separately, CIVB announced $70.4 million cash-and-stock deal for smaller rival Farmers Savings Bank
The acquisition of Farmers will add two branches in Medina and Lorain counties in Northeast Ohio, as well as about $183 million in low-cost core deposits
4 of 6 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $25.50 - data compiled by LSEG
As of last close, CIVB stock up 18% YTD
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