WashingtonFirst Bankshares in Reston, Va., plans to raise up to $31.1 million by selling common stock.

The $1.6 billion-asset company said in a press release Wednesday that it will sell about 1.4 million shares of stock at $20 each. Underwriters have the option of selling another 216,000 shares if there is ample demand. The offering is expected to close next Tuesday.

WashingtonFirst said it plans to use net proceeds from the offering for purposes that could include funding organic loan growth and longer-term strategic opportunities, along with providing capital for its bank.

Keefe, Bruyette & Woods is the offering's sole book-running manager; Raymond James is the co-manager.

The company, which raised $20 million last year in a private placement, recently exited the Small Business Lending Fund.

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