Sandler O'Neill + Partners raises funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., June 21 - Virginia Heritage Bank said it settled a $20.66 million public offering of stock. Sandler O'Neill + Partners, LP was the sole bookrunner for the deal.
The company sold 1.45 million common shares at $14.25 per share. The price per share reflects a 2.06% discount to the June 20 closing share price of $14.55.
Proceeds will be used for general corporate purposes, including organic loan growth, investments in securities and the pursuit of acquisition opportunities.
The bank is based in Fairfax, Va.
| Issuer: | Virginia Heritage Bank
|
| Issue: | Common stock
|
| Amount: | $20,662,500
|
| Shares: | 1.45 million
|
| Price: | $14.25
|
| Warrants: | No
|
| Bookrunner: | Sandler O'Neill + Partners, LP
|
| Settlement date: | June 21
|
| Stock symbol: | OTCBB: VGBK
|
| Stock price: | $14.55 at close June 20
|
| Market capitalization: | $63.05 million
|
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