Old Dominion National Bank of North Garden, Va., has struck a deal to raise funds from an investor, contingent on the success of a private placement.

The $45 million-asset Old Dominion plans a private placement of between $7 million and $12 million, which it expects to close early in the second quarter.  Wesley Yuan, a private investor, has agreed to buy a "significant amount" of equity in the bank if the private placement reaches $7 million, the bank said Thursday in a news release.

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