BOSTON – Brookline Bancorp Inc., parent of Bank Rhode Island, raised $82 million through a public offering last week, which could go toward a number of business operations.
The net proceeds were raised through the offering of more than 5 million shares of common stock at a price of $14.50 per share. The bank says after underwriting costs and other expenses the amount raised totaled $82 million.
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“The company intends to use the net proceeds of the offering for general corporate purposes, including providing capital to support our growth organically or through strategic acquisitions, financing investments and capital expenditures,” according to federal documents.
Brookline Bancorp, with $6.5 billion in assets, is based in Boston. In addition to owning Rhode Island-based Bank Rhode Island, the company is the parent of Brookline Bank and First Ipswich Bank.
Piper Jaffray & Co. served as book-running manager for the offering, and Sandler O’Neill + Partners LP served as co-manager.
Eli Sherman is a PBN staff writer.
