Virginia Heritage Bank (VGBK) in Tysons Corner plans to sell up to $23.9 million of common stock.

The $804 million-asset bank will offer as many as 1.45 million shares to the public at $14.25 a share, which could produce as much as $20.7 million.

Sandler O'Neill, the underwriter of the offering, will have the option to buy additional shares equal to 15% of the stock sold, which could raise an additional $3.1 million.

The offering price, announced Wednesday, was a slight discount to bank's closing share price of $14.46 on Tuesday. Its shares were trading at $14.50 on Wednesday afternoon.

Virginia Heritage plans to use the money it raises to fund organic growth, possibly including acquisitions, and for general corporate purposes.

Virginia Heritage has five branches in northern Virginia, near Washington.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.