December 1, 2009 (FinancialWire) — Monarch Financial Holdings, Inc. (NASDAQ: MNRK) said that its public offering of 700,000 shares of noncumulative convertible perpetual preferred stock was priced to the public at $25.00 per share for total gross proceeds of $17,500,000.

Monarch had initially filed to offer 650,000 shares of preferred stock, but decided to increase the offering to 700,000 shares of preferred stock due to strong demand, according to the firm.

The annual dividend rate was set at 7.80% and each share may be converted into 3.125 shares of common stock, which equates to an $8.00 per share conversion price.

Monarch Financial is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with two offices in Chesapeake, four offices in Virginia Beach, and two offices in Norfolk, Virginia.

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