First National Corp., the parent company of First National Bank, postponed a previously announced offering of 850,000 shares of common stock because of "current conditions in the market." FNC stock was trading in the $7.50 range this week, down from closing bids as high as $11 earlier this month.
The bank holding company expected to use the offering's proceeds to pay for future acquisitions and to expand its mortgage banking operations. "It's important to note that we're postponing, not canceling, the offering," a company spokesman said Thursday.
Also on Thursday, First National announced that it would apply for listing on the American Stock Exchange. Its stock is now traded over-the-counter on NASDAQ.