MIDLOTHIAN, Va., Dec. 30, 2009 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) (www.bankofva.com) (the "Bank") announced today that it has completed a public offering of 1,520,000 shares of its common stock at a price to the public of $3.00 per share for total gross proceeds of $4,560,000. McKinnon & Company, Inc. acted as sole underwriter for this offering.
The securities being offered have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and are being offered and sold in reliance on exemptions from the registration requirements of the Securities Act and such state laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Bank of Virginia, a Virginia state chartered bank headquartered in Midlothian, Virginia currently operates five full-service offices in Chesterfield and Henrico Counties in Virginia. Bank of Virginia common stock is traded on the NASDAQ stock market under the quotation symbol "BOVA". Additional investor relations information can be found on the internet at www.bankofva.com.
DISCLAIMER
This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-K as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.