Va. bank raises $39M after two years of strong loan growth
Old Dominion National Bank in Tysons Corner, Va., has raised $38.7 million in capital.
The $200 million-asset bank said in a press release Thursday that it completed a private offering of common stock that involved about 320 individual investors in Pennsylvania and the Washington area.
This is the second time the bank has completed a private placement in recent years. In late 2016, Old Dominion raised $30 million from about 175 investors. The bank moved its headquarters to Tysons Corner from McLean about 18 months ago.
Old Dominion, which opened in 2007, said it would use proceeds to support lending, investment activities and growth in new and existing markets.
“The continued support of our growing base of shareholders in the D.C. metro area and Pennsylvania will enable Old Dominion to continue executing on its growth strategy, as we seek to develop this company into a high-performing regional financial institution,” Mark Merrill, the bank's president and CEO, said in the release.
Total loans have more than tripled in the last two years, to $117 million. The bank has hired new bankers and added branches in Washington and Charlottesville, Va.
The bank spent about $100,000 on the recent capital raise, the release said.
“We view the success of our recent capital raise as an endorsement to our expanding leadership team and a validation of our growth strategy, and we intend to continue executing on it in a prudent and responsible manner,” Merrill said.
Buckley Sandler advised Old Dominion.