David Baris, BuckleySandler Provides Legal Support for Delmarva Bancshares, Inc. $14 Million Stock Sale

Delmarva LogoBuckleySandler client Delmarva Bancshares, Inc. announced on May 1, 2015 that they have entered into definitive stock purchase agreements with investors to sell 1,148,255 shares of its common stock at $6.00 per share and 1,185,079 shares of its Series B Convertible Perpetual Preferred Stock at $6.00 Easton Bank Logoper share, resulting in an aggregate offering of $14,000,004. These agreements were entered into in connection with Delmarva’s proposed acquisition of Easton Bancorp. The approximately $14 million in new capital will be used to fund the cash purchase price for Easton, to redeem Easton’s subordinated debt, and for general corporate purposes.

David Baris and Noel Gruber advised Delmarva Bancshares, Inc. on this transaction.

“Delmarva Bancshares’ ability to attract capital is a testament to its turnaround strategy,” David Baris, a partner in BuckleySandler, said. “The firm is gratified that it had the privilege of representing Delmarva on the capital raise and the acquisition itself.”

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