Heritage Bankshares begins trading on OTCQX

Published June 18, 2015 by Robert Powell, III

The stock of Heritage Bankshares Inc., the holding company for Heritage Bank in Hampton Roads, has begun trading on the OTCQX marketplace.

Heritage is the 73rd bank nationwide and the eighth Virginia-based bank to join OTCQX since last spring.

Other Virginia banks with stock traded on OTCQX include Pinnacle Bankshares Corp. in Altavista, Eagle Financial Services in Berryville and F&M Bank Corp. in Timberville.

OTCQX is operated by OTC Markets Group Inc.Heritage is trading under the symbol HBKS.

Raymond James & Associates Inc. serves as Heritage’s corporate broker on OTCQX.

Heritage Bank has two full-service branches in the Norfolk, two more in Virginia Beach, and one full-service branch in Chesapeake.

The company had net income of $519,000 for the first quarter of 2015, an increase of $102,000, or 24.5 percent, over $417,000 for the first quarter of 2014.

First-quarter profits resulted in earnings per diluted share of common stock of 21 cents compared with 17 cents per diluted common share for the first quarter of 2014.

Heritage Bankshares’ total assets on March 31 were $330.3 million, a $5.5 million decrease from $335.8 million at March 31, 2014.

Average total deposits for the first quarter were $275.1 million on March 31, up $12.4 million from $262.7 million on March 31, 2014 for the same three-month period.