FVCBankcorp Inc. sells 500,000 shares in private placement
- August 25, 2017
Fairfax-based FVCBankcorp Inc., the holding company for FVCbank , has completed a private placement of 500,000 shares of its common stock.
The stock sold at a price of $20 per share, for gross proceeds, before expenses, of $10 million. Net proceeds of the offering will be used to support the continued growth of the bank and for general corporate purposes.
“We are extremely pleased with the success of this transaction and the confidence expressed in our continued growth and profitability,” David W. Pijor, chairman and CEO of the company, said in a state,emt. “The additional capital will also allow the company to take advantage of strategic opportunities that have arisen as a result of mergers and consolidations affecting several of our competitors."
The offering was oversubscribed, as subscriptions received exceeded the 375,000.