The proceeds from a public offering being made by Provident Financial Holdings Inc., Riverside, Calif., will be used to fund expansion of its Provident Savings Bank FSB's mortgage banking operations and origination of multifamily real estate loans. The 4.5 million share offering has been priced at $2.50 per share, resulting in gross proceeds of $11.25 million and net proceeds of $10.37 million. Sandler O'Neill + Partners LP are the lead book-running manager of the offering and FBR Capital Markets & Co., and FIG Partners LLC are the co-managers. The offering is expected to close on Dec. 15, 2009. At midday on Dec. 10, the company's common stock was trading at $2.68 per share, down $0.26 from the previous close.
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