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Emclaire Financial Corp. Announces $20M Public Offering and Start-Date for Nasdaq Trading

Emclaire Financial Corp., the parent company of The Farmers National Bank of Emlenton, today announced its offering of approximately $20 million of its common stock in an underwritten public offering. The company also announced it has received authorization to trade on the NASDAQ Capital Market under ticker symbol EMCF effective November 6, 2009.

The offering will be lead by Sandler O’Neill + Partners, L.P.; Boenning & Scattergood Inc. will act as co-manager for the offering. According to the press release, Emclaire Financial will grant the underwriters 30 days to purchase up to an additional 15 percent of the offered amount of common stock to cover over-allotments.

The company said it will use the proceed from the offering to fund general corporate purposes, including for actions to generate balance sheet growth organically and through strategic acquisitions, though the company does not at this time have any acquisition commitments.

Emclaire Financial also plans to use the proceeds to redeem all of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, which was issued to the U.S. Department of the Treasury as part of the TARP Capital Purchase Program. The company can repurchase the warrant issued to the Treasury, but will need approval from primary regulators before such action.

The company said it expects to repay approximately $5 million on an outstanding revolving line of credit with the net proceeds.

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