The parent company of Middletown Valley Bank, Community Heritage Financial Inc (OTCMKTS:CMHF), was in the news yesterday after it made a major announcement and it may be a good idea for investors to take a look.
Trading Data
On Monday, CMHF stock ended flat at $23.00 with more than 200 shares, compared to its average volume of 680 shares. The stock moved within a range of $23.00 – 23.00 after opening trade at $23.00.
Community Heritage Financial, Inc. Announces Public Offering of Common Stock Under Regulation A+
Community Heritage Financial announced yesterday that it was going to have a Regulation A public offering of as many as 1,500,000 shares of its common stock under Tier 2. It was also announced that the shares were going to be priced in the range between $23 and $25 each. The shares are being offered by Community Heritage Financial through the underwriter Piper Sandler & Co. It should be noted that the company has provided the underwriter with a 30 day option of picking up another 225,000 shares of the common stock.
The proceeds of the offering are going to be used by Community Heritage Financial to further boost its investment and lending initiatives. On the other hand, Community Heritage Financial also seeks to further expand its client relationships through these proceeds by making more loans with a bigger lending limit. Some of the proceeds may also be deployed for the purpose of exploring acquisition opportunities. However, at this point Community Heritage Financial has not identified any acquisitions.
Technical Data
CMHF stock is trading above the 20-Day and 50-Day Moving averages of $22.53 and $22.36 respectively. However, the stock is trading below the 200-Day moving average of $23.84. The company has a total market capitalization of $15.55 million.
