Virginia Partners Bank Announces Common Stock Offering
FREDERICKSBURG, Va., Oct. 23, 2014 /PRNewswire/ -- Virginia Partners Bank, a $250 million commercial bank headquartered in Fredericksburg, Virginia, announced that it has commenced an offering of up to 500,000 shares of its common stock at an offering price of $10.75 per share. Virginia Partners Bank may, in its sole discretion, increase the number of shares offered by an additional 500,000 shares in the event the offering is oversubscribed. The offering is being made through the efforts of Virginia Partners Bank's directors and executive officers with the assistance, on a best efforts basis, of FinPro Capital Advisors, Inc.
Virginia Partners Bank intends to use the net proceeds from the offering to support its lending, deposit taking and investment activities, to support growth and expansion, including expansion in Southern Maryland, to maintain regulatory capital ratios at levels higher than those currently required by its federal and state banking regulators, to fund opportunistic acquisitions that may be identified by Virginia Partners Bank, and for general corporate purposes.
The offering is expected to close on or about December 30, 2014, or earlier if Virginia Partners Bank sells all of the shares before that date, subject to extension at Virginia Partners Bank's sole discretion to February 1, 2015. Until November 15, 2014, subscriptions of shareholders of the Bank as of October 22, 2014, will be given priority and will be filled before the subscriptions of non-shareholder subscribers. Further, subscriptions received prior to November 30, 2014 from any subscriber will be given priority and will be filled before subscriptions received on or after November 30, 2014 in the event the offering is oversubscribed.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor will there be any offer or sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering will be made only by means of an offering circular. Existing shareholders and other interested investors who may wish to participate in the offering may obtain a copy of the offering circular by contacting Lloyd B. Harrison, III, President and Chief Executive Officer, Virginia Partners Bank at (540) 899-2234, or by contacting Scott Martorana at FinPro Capital Advisors, Inc. at (908) 604-9336 ext. 104. To request the offering circular via email, please send requests to [email protected]. The securities are not deposits and are neither insured nor approved by the Federal Deposit Insurance Corporation or any other bank regulatory agency. The securities are being offered pursuant to an exemption from registration under the Securities Act of 1933 provided by Section 3(a)(2) of such Act.
About Virginia Partners Bank
Virginia Partners Bank is a commercial bank organized for the purpose of serving the banking needs of small and medium sized businesses and their owners and employees, real estate investors and developers, and professionals and their practices. Virginia Partners Bank has three branches in Fredericksburg, Virginia and a loan production office in La Plata, Maryland. As of June 30, 2014, Virginia Partners Bank had total assets of $250.6 million.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to statements about the expected use of proceeds from the offering, the anticipated closing date of the offering, and Virginia Partners Bank's plans, objectives, estimates, intentions, and expectations as to future trends, plans and events. These forward-looking statements are based on current beliefs that involve significant risks, uncertainties and assumptions. Because of these risks, uncertainties and the assumptions on which the forward-looking statements are based, actual future events, operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the offering circular.
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SOURCE Virginia Partners Bank
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