Bank stock sale proceeds higher than expected

Published July 5, 2013 by Robert Powell, III

Tysons Corner-based Virginia Heritage Bank says net proceeds from its recently completed stock offering will be $2.9 million higher than originally expected.

In an offering that closed June 21, underwriters exercised their option to purchase 217,500 shares of Virginia Heritage common stock in addition to the initial 1.45 million shares being sold.

The bank expects that, with sale of the additional stock, net proceeds from the offering to total $22 million. Virginia Heritage originally had expected net proceeds of $19.1 million.

The bank expects to use the money for general corporate purposes, including loan growth, investments and possible acquisitions.

Virginia Heritage has banking offices in Fairfax, Chantilly, Gainesville, Tysons Corner and Dulles plus a mortgage division located in Chantilly.