RESTON, Va.--First Patriot Bankshares plans to raise between $3.2 million and $3.7 million in a stock offering this month and next.
Patriot will offer 575,000 shares of common stock, 120,000 of which will first be offered to current shareholders at $5.75 each - one share for each 11 held.
The additional 450,000 shares will be offered to the public for $5.75 to $6.75 each; the price will be determined on Oct. 6, the last day of the offering to shareholders. The stock is being offered on "best effort" basis by McKinnon & Co.
The money will be used to support the growth of Patriot National Bank in Reston, the company's commercial bank subsidiary. First Patriot said it plans to acquire two or three additional branches to add to its current single branch. Officials did not say which branch sites they are considering.
Patriot National has $70 million in assets and is one of the few commercial banks to be founded in the Washington area in recent years.