This Week's IPO: Silver State Bancorp

There is on IPO on deck for this week: Silver State Bancorp (SSBX) a Nevada-based bank holding company the conducts business through commercial banks in Nevada and Arizona.

All quotations are from the company's most recent S-1 filing with links provided.

SILVER STATE BANCORP (SSBX)
Business Overview (from prospectus)

We are a bank holding company headquartered in Henderson, Nevada. We conduct our operations primarily through Silver State Bank, a Nevada-chartered commercial bank, and through Choice Bank, an Arizona-chartered commercial bank that we acquired on September 5, 2006. Through our bank subsidiaries we provide a wide range of banking and related services to locally owned businesses, professional firms, real estate developers and investors, local non-profit organizations, high net worth individuals and other consumers.

Offering: 3.2 million shares at $22.00 - $24.00 per share. Net proceeds of approximately $66.3 million will be used

for general corporate purposes, including but not limited to, the repayment of any amounts outstanding under the proposed $20 million 90-day non-revolving term loan facility, the formation of new banks in new market areas with attractive growth prospects, the acquisition of other commercial banks or financial services companies, the addition of new branches in existing and contiguous markets, and the development of additional products or services for new and existing customers.

Lead Underwriters: Sandler O'Neill, Howe Barnes

Financial Highlights:

Net income was $20.9 million for the year ended December 31, 2006; an increase of $5.3 million, or 34.0%, compared with net income of $15.6 million for the year ended December 31, 2005... Total interest and dividend income increased $32.8 million, or 57.44%, to $89.9 million at December 31, 2006 from $57.1 million at December 31, 2005...Total interest expense increased $16.8 million, or 106.33%, to $32.6 million at December 31, 2006 from $15.8 million at December 31, 2005...Net interest income increased $16.1 million, or 38.98%, to $57.4 million at December 31, 2006 from $41.3 million at December 31, 2005.

Comments

[mangy cat:]

ha ha ha

2008 Sep 06 08:51 AM