WashingtonFirst Bankshares raises about $20 million in equity
Reston-based WashingtonFirst Bankshares Inc. has raised about $20 million in equity through a private placement of 1.38 million shares of common stock.
The newly issued shares, sold at $15 per share, includes voting and non-voting common stock. Buyers in the private placement were described as institutional investors who are existing stockholders.
“We are delighted that a number of our existing institutional shareholders have confidence in the company and were interested in participating in this private placement. This new capital will help the company continue to grow and realize our goals,” Shaza L. Andersen, the company’s president and CEO, said in a statement.
The private placement increases the company’s total outstanding shares to 9.57 million.
The company intends to use the new capital primarily to support the continued growth of its subsidiary, WashingtonFirst Bank.
The bank recently opened its 17th branch in McLean. During the first nine months of 2014, the bank’s loan portfolio grew by 22 percent to $184.4 million.
WashingtonFirst Bankshares reported third-quarter net income of $2.8 million (33 cents per diluted common share) compared to $2.1 million (26 cents per diluted common share) for the three months ending Sept. 30, 2013.
For the nine months ending Sept. 30, net income was $6.7 million (81 cents per diluted common share) compared to $5 million (62 cents per common share) for the same nine months in 2013.
The company’s total assets stood at $1.3 billion on Sept. 30, compared to $1.1 billion as of Dec. 31, 2013.