Eastern Virginia Bankshares Inc. in Tappahannock has announced plans to offer 1 million shares of common stock to help finance loan growth.
The $800 million-asset company filed a registration statement for the offering with the Securities and Exchange Commission, the company said in a press release Friday, but has not yet priced the shares.
News of the offering came three weeks after the company announced record third-quarter earnings of $2 million, a 16.7% increase over the year earlier. But Eastern Virginia also said its net interest margin had contracted by 12 basis points, to 4.26%, because it was funding loan growth through increased borrowing from the Federal Home Loan Bank.
The New York investment bank Keefe, Bruyette & Woods Inc. is the offering's sole underwriter, Eastern Virginia said in the press release.
