First Virginia Community Bank selling its stock at $14 a share
Fairfax-based First Virginia Community Bank has begun a public offering of its common stock at $14 a share.
The bank expects to sell from 700,000 to 1.4 million shares. The bank may increase the number of shares offered by 400,000 shares if the offering is oversubscribed.
The bank expects to use the proceeds of the offering to support its growth, banking activities and general corporate purposes.
It expects those proceeds to total $9.8 million if the minimum number of shares is sold and $19.6 million if the maximum number of shares are sold. The total proceeds could reach $25.6 million if all of the oversubscription shares are sold.
The offering is being made with through BB&T Capital Markets and Sandler O’Neill + Partners.
The offering is expected to close on May 10, but is subject to extension to May 31.
First Virginia Community Bank, which opened in 2007, is a $420 million community bank serving small and mid-sized businesses and personal banking customers in Northern Virginia. In addition to its headquarters in Fairfax, it has offices in Arlington, Manassas and Reston.