Bank of Wilmington Announces Pricing of Common Stock Offering and Listing On The Nasdaq Smallcap Market
October 31 2003 - 11:18AM
PR Newswire (US)
Bank of Wilmington Announces Pricing of Common Stock Offering and
Listing On The Nasdaq Smallcap Market WILMINGTON, N.C., Oct. 31
/PRNewswire-FirstCall/ -- Bank of Wilmington announced that on
October 30, 2003, it priced a public offering of up to 805,000
shares of its common stock at $9.75 per share. The offering is
expected to close on or about November 5, 2003. The Bank expects to
receive net proceeds of approximately $7.2 million from its sale of
shares after deducting sales commissions and expenses. The Bank
intends to use the proceeds of the offering to provide capital to
support its continued growth, to expand its loan and investment
portfolios, and for other general corporate purposes. The offering
is being made through McKinnon & Company, Inc., Norfolk, VA,
acting as the Bank's sales agent on a best efforts basis. The Bank
also announced that, effective on October 31, 2003, its common
stock had become listed on The Nasdaq SmallCap Market. Previously,
the stock was quoted for trading on the OTC Bulletin Board. As of
September 30, 2003, the Bank had total assets of approximately
$115.3 million, total loans of approximately $94.4 million, total
deposits of approximately $105.8 million and total shareholders'
equity of $9.2 million. It operates two full service banking
offices in Wilmington. This press release is not an offer to sell
or the 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 prior to registration
or qualification under the securities laws of any such state or
jurisdiction. Any offer, solicitation or sale will be made only by
means of the offering circular. DATASOURCE: Bank of Wilmington
CONTACT: Cameron Coburn of Bank of Wilmington, +1-910-509-2000, or
Web site: http://www.bankofwilmington.com/
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