Proceeds intended for loan and asset growth, to expand branch network
By Devika Patel
Knoxville, Tenn., Nov. 29 - Virginia Heritage Bank sold 541,576 common shares at $9.75 apiece in a private placement on Nov. 26, according to a company press release. It raised $5.28 million.
The price per share is a 4.28% premium to $9.35, the Nov. 24 closing share price.
Proceeds will be used to support future loan and asset growth, to expand the Fairfax, Va., bank's branch network and for general corporate purposes.
| Issuer: | Virginia Heritage Bank
|
| Issue: | Common stock
|
| Amount: | $5,280,366
|
| Shares: | 541,576
|
| Price: | $9.75
|
| Warrants: | No
|
| Settlement date: | Nov. 26
|
| Stock symbol: | OTCBB: VGBK
|
| Stock price: | $9.00 at close Nov. 26
|
| Market capitalization: | $34.12 million
|
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