Norwood Financial (NWFL) said late Tuesday it launched a public offering of its common shares and plans to grant a 30-day overallotment option to the underwriters to acquire additional shares.
The company expects to use the net proceeds for investment into its bank unit to support its capital ratios related to the repositioning of a "substantial portion" of Norwood's available-for-sale debt securities portfolio, among other things, it said.
The shares of Norwood Financial were down 7.1% in after-hours activity.
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