Lakeland Financial (NASDAQ:LKFN) Announces offering priced at $17 a share

Penny Stock Pick Report alerts investors on Top Stocks that would help investors to generate higher than average returns. Subscribe to FREE Stock Alerts by visiting: http://www.pennystockpickreport.com/

Lakeland Financial Corporation (NASDAQ:LKFN) fell 7.50% to $16.85 after it said its offering of 3.5 million shares was priced at $17 a share, a discount of 7 percent to the stock's Thursday close.

The company expects to close the sale of common shares on Nov. 18 and use part of the $59.5 million in proceeds for strengthening capital levels of its banking unit.

Lakeland has granted the underwriters an option to purchase up to an additional 525,000 shares to cover over-allotments, if any.

The company has received $56 million in funds from the U.S. Treasury under the government's Capital Purchase Program.

Lakeland Financial Corporation is a bank holding company that owns all of the outstanding stock of Lake City Bank (the Bank) a full-service commercial bank. The Bank recognizes a wholly owned subsidiary, LCB Investments II, which manages a portion of the Bank’s investment portfolio.