Virginia Heritage Bank Prices 1.45M Share Offering at $14.25/Share

Virginia Heritage Bank

announced today that it has priced its underwritten public offering of 1,450,000 shares of its common stock at a price to the public of $14.25 per share, for gross proceeds of $20.7 million. The net proceeds to the Bank after deducting the underwriting discount and estimated offering expenses are expected to be approximately $19.1 million. The Bank expects to use the net proceeds of the offering for general corporate purposes, including the funding of organic loan growth, investment in securities and the potential pursuit of strategic acquisition opportunities.