The parent of Fairfield County lender Bankwell Bank says its initial stock offering has drawn $48.6 million from investors smitten with its billion-dollar-asset blueprint via organic growth and acquisition opportunities.
New Canaan’s Bankwell Financial Group Inc. President and CEO Peyton R. Patterson said 2,702,703 shares of common sold for $18 apiece. After offering discounts and underwriting expenses, Bankwell netted $44.9 million in fresh capital. Its shares trade on Nasdaq as “BWFG”.
Formerly the Bank of New Canaan, Bankwell is the second bank IPO Patterson has led the past decade. She was CEO of former NewAlliance Bancshares, when that institution’s predecessor, New Haven Savings Bank, converted in 2004 from depositor to investor ownership. NewAlliance is now part of First Niagara Bank, of Buffalo, N.Y.
“With the additional capital the IPO provides, it is key to accomplishing our strategic priorities for organic growth and future acquisition opportunities,’’ Patterson said of Bankwell’s capital raise.
Bankwell in April announced an agreement to buy Hamden’s Quinnipiac Bank & Trust and its approximately $100 million in assets for about $15 million, to expand into New Haven County. That deal is targeted to close in the third quarter.
With $812 million in assets on March 31, Bankwell also has branches in Fairfield, Stamford and Wilton, and is near to opening its second Stamford branch.
Sandler O’Neill & Partners, L.P. and Keefe, Bruyette & Woods Inc. were joint book-running managers for the offering.
