Virginia Heritage Bank (VGBK) in Tysons Corner has begun a common stock offering.
The $805 million-asset company said Wednesday that it will sell up to 1.45 million shares of common stock through a firm-commitment offering underwritten by Sandler O'Neill. Sandler will have the option of buying an additional 15% of the stock sold.
Virginia Heritage said it will use the proceeds to fund growth, possibly including acquisitions.
The sale, including the underwriter's option, would net Virginia Heritage more than $24 million at Wednesday's closing price of $14.50 a share.