Virginia Heritage Bank Announces Commencement of Common Stock Offering
TYSONS CORNER, Va.--(BUSINESS WIRE)-- Virginia Heritage Bank (OTCQB: VGBK), announced today that it has commenced a public offering of 1,450,000 shares of its common stock through a firm commitment underwriting. Sandler ONeill + Partners, L.P. will be the sole underwriter for the offering. The Bank intends to grant the underwriter an option to purchase up to an additional 15% of the common stock sold to cover over-allotments, if any.
The Bank expects to use the net proceeds of the offering for general corporate purposes, including the funding of organic loan growth, investment in securities and the pursuit of potential strategic acquisition opportunities.
This press release does 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 state or other jurisdiction in which such offer, solicitation, or sale of securities would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offers, solicitations of offers to buy, or sales of securities may be made only by means of the final offering circular. Existing shareholders or prospective investors who may wish to participate in the offering may obtain a copy of the preliminary offering circular by contacting Scott Clark at Virginia Heritage Bank at 8245 Boone Boulevard, Suite 820, Tysons Corner, Virginia 22182, (703) 277-2211, or Sandler ONeill + Partners, L.P. at 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, (866) 805-4128. Before you invest, you should read the offering circular for more complete information about the Bank and this offering.
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 Heritage Bank
Virginia Heritage Bank is a commercial bank incorporated in and chartered by the Commonwealth of Virginia. The Bank is a member of the Federal Reserve System and its deposits are insured by the Federal Deposit Insurance Corporation. The Bank is headquartered in Tysons Corner, Virginia and has five full service offices in Fairfax City, Chantilly, Gainesville, Tysons Corner and Dulles, Virginia. The Bank also has a mortgage division located in Chantilly, Virginia.
Forward Looking Statements:
Certain statements contained in this press release may be deemed to be forward-looking statements within the Private Securities Litigation Reform Act of 1995, and the Bank intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, but are not limited to, statements regarding the contemplated public offering and the anticipated use of proceeds of the offering. The Bank cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include: (a) possible changes in general market conditions or in the market price of the Banks common stock; (b) changes in the market for the Banks products and services; and (c) other risks as described in the offering circular referred to above. You should not place undue reliance on forward-looking statements and the Bank undertakes no obligation to update any such statements to reflect circumstances or events that occur after the dates on which the forward-looking statements are made.
Virginia Heritage Bank
Scott Clark, 703-277-2211
Source: Virginia Heritage BankCopyright Business Wire 2013