FAIRFAX, Va.-FVCBankcorp, Inc. (OTCQX: FVCB), (the “Company”) "), the holding company for FVCbank (the "Bank"), announced today that it has completed a private placement to accredited investors of 500,000 shares of its common stock $0.01 par value per share, at a price of $20.00 per share, for gross proceeds, before expenses, of $10,000,000. The offering was oversubscribed, as subscriptions received exceeded the 375,000 as prescribed in the Offering Memorandum dated June 26, 2017. The net proceeds of the offering will be used to support the continued growth of the Bank and for general corporate purposes.
“We are extremely pleased with the success of this transaction and the confidence expressed in our continued growth and profitability,” stated David W. Pijor, chairman and CEO of the Company. “The additional capital will also allow the Company to take advantage of strategic opportunities that have arisen as a result of mergers and consolidations affecting several of our competitors.”
The shares of common stock sold in the private placement have not been registered under the Securities Act of 1933 or the securities laws of any state or other jurisdiction and were issued pursuant to exemptions from registration.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security nor shall there be any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Caution About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to statements about the Company’s plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of the Company’s operations and policies and regarding general economic conditions. These forward-looking statements are based on current beliefs that involve significant risks, uncertainties and assumptions. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements.
About FVCBankcorp, Inc. FVCbank commenced operations in November 2007 and is the wholly-owned subsidiary of FVCBankcorp, Inc. FVCbank is a $978 million Virginia chartered community bank serving small and mid-sized businesses and personal banking customers in the Washington D.C. Metropolitan and Northern Virginia area. Locally owned and managed, it is based in Fairfax, Virginia, and has additional full-service offices in Arlington, Ashburn, Manassas, Reston and Springfield, Virginia.
For more information on the Company’s announcement, please visit www.fvcbank.com.