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Banking industry

Ryan, Beck & Co. Completes Initial Public Offering of Waypoint Financial Corp

Strategic Insights

— 1 min read

Ryan, Beck & Co., a subsidiary of BankAtlantic Bancorp, has announced the completion of an initial public offering of 11,135,140 shares of common stock at $10 per share for Waypoint Financial Corp. The merger of York Financial Corp. with Harris Financial, the predecessor to Waypoint Financial, will also be completed as part of this transaction. Upon completion, Waypoint Financial will be the largest financial institution headquartered in South Central Pennsylvania, with 58 community offices and assets of $4.6 billion.

Key Takeaways:

  • Ryan, Beck & Co. served as sole manager of the subscription offering and lead manager of the underwritten offering for Waypoint Financial Corp.
  • The company issued 11,135,140 shares of common stock at $10 per share, raising an estimated $111.35 million in funding.
  • The merger of York Financial Corp. with Harris Financial will result in Waypoint Financial Corp. becoming the largest financial institution headquartered in South Central Pennsylvania.
  • Waypoint Financial Corp. will have 58 community offices and assets of $4.6 billion upon completion of the merger.
  • Ryan, Beck & Co. served as financial advisor to Harris Financial in the merger transaction.
  • The firm engages in underwriting, market making, distribution, and trading of equity and debt securities, money management and general securities brokerage.
  • Ryan, Beck & Co. has offices in New Jersey, Florida, Pennsylvania, New York, and Boston.

Statistics:

  • 11,135,140 shares of common stock were issued in the initial public offering.
  • The offering price per share was $10.
  • The estimated funding raised from the offering is $111.35 million.
  • Waypoint Financial Corp. will have 58 community offices.
  • Waypoint Financial Corp. will have assets of $4.6 billion upon completion of the merger.
  • BankAtlantic, a subsidiary of BankAtlantic Bancorp, operates 69 full-service branches in 18 Florida counties.

Sources:

  • PRNewswire, "Ryan, Beck & Co. Completes Initial Public Offering of Waypoint Financial Corp."
  • Ryan, Beck & Co.'s website, http://www.ryanbeck.com
  • BankAtlantic Bancorp's website, http://www.bankatlantic.com
  • Levitt & Sons' website, http://www.levittandsons.com

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