Virginia Heritage Offering Nets $22 Million

Virginia Heritage Bank (VGBK) in Tysons Corner raised $22 million in its recent public offering.

The company said that Sandler O'Neill, the offering's underwriter, agreed to exercise its option to buy $2.9 million in common stock as part of the offering, which closed on June 21.

Virginia Heritage sold about 1.7 million shares at $14.25 a share. The company's stock was trading at $15.15 a share on Wednesday morning.

The $804 million-asset company said it plans to use the proceeds to fund growth, including possible acquisitions. It has five branches around Washington.

For reprint and licensing requests for this article, click here.
Community banking M&A Virginia
MORE FROM AMERICAN BANKER