WARRENTON, Va., Aug. 21, 2012 /PRNewswire/ -- Oak View National Bank, headquartered in Warrenton, Virginia, announced today that it has closed on the sale of 1,002,250 shares of common stock at $4.00 per share in its previously-announced public and community offerings. A second closing is anticipated on or about August 31, 2012 for approximately 25,000 additional shares subscribed for in the community offering. Beginning on August 22, 2012, the shares will be quoted on the OTC Bulletin Board under the ticker symbol "OAKV".
Net proceeds to the Bank from the offerings are approximately $3.68 million after payment of underwriting discounts, commissions and estimated offering expenses, not including any proceeds from the anticipated second closing of shares subscribed for in the community offering. The additional capital raised in the offerings is intended to be used to increase equity capital and for general corporate purposes, including continued loan production and opportunistic growth through new branch openings and branch acquisitions.
As of June 30, 2012, Oak View National Bank had total assets of $123.0 million, total loans of $103.0 million, total deposits of $103.7 million and stockholders' equity of $9.9 million.
McKinnon & Company, Inc., an investment banking firm based in Norfolk, Virginia, served as the financial advisor for the offerings and exclusive selling agent in the public offering on a best efforts basis.
"The proceeds of this stock offering position us well to continue the successful growth and profitability of Oak View National Bank, and to take advantage of opportunities to expand our presence in our core markets," announced Mike Ewing, President and CEO of Oak View. "We welcome our new shareholders and look forward to the future as we continue to meet the financial needs of the businesses and residents of the piedmont area of Virginia."
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement and prospectus relating to these securities has been filed with the Office of the Comptroller of the Currency and is effective. Copies of the final prospectus relating to the public offering may be obtained from the offices of McKinnon & Company, Inc., 999 Waterside Drive, Suite 1200, Norfolk, VA 23510 or by calling (757) 623-4636.
This press release contains forward-looking statements regarding future events. These statements are only predictions and are subject to risks and uncertainties that could cause actual events or results to differ materially. These risks and uncertainties include risks of managing our growth, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other financial institutions, and changes in real estate values and the real estate market. We caution that any such forward-looking statements are further qualified by important factors that could cause our actual operating results and financial position to differ materially from the forward-looking statements. Oak View National Bank undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Oak View National Bank