WARRENTON, Va., Aug. 21, 2012 /PRNewswire/ -- Oak View
National Bank, headquartered in Warrenton, Virginia, announced today that it
has closed on the sale of 1,002,250 shares of common stock at
$4.00 per share in its
previously-announced public and community offerings. A second
closing is anticipated on or about August
31, 2012 for approximately 25,000 additional shares
subscribed for in the community offering. Beginning on
August 22, 2012, the shares will be
quoted on the OTC Bulletin Board under the ticker symbol
"OAKV".
Net proceeds to the Bank from the offerings are approximately
$3.68 million after payment of
underwriting discounts, commissions and estimated offering
expenses, not including any proceeds from the anticipated second
closing of shares subscribed for in the community offering.
The additional capital raised in the offerings is intended to be
used to increase equity capital and for general corporate purposes,
including continued loan production and opportunistic growth
through new branch openings and branch acquisitions.
As of June 30, 2012, Oak View
National Bank had total assets of $123.0
million, total loans of $103.0
million, total deposits of $103.7
million and stockholders' equity of $9.9 million.
McKinnon & Company, Inc., an investment banking firm based
in Norfolk, Virginia, served as
the financial advisor for the offerings and exclusive selling agent
in the public offering on a best efforts basis.
"The proceeds of this stock offering position us well to
continue the successful growth and profitability of Oak View
National Bank, and to take advantage of opportunities to expand our
presence in our core markets," announced Mike Ewing, President and CEO of Oak View.
"We welcome our new shareholders and look forward to the future as
we continue to meet the financial needs of the businesses and
residents of the piedmont area of Virginia."
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. A
registration statement and prospectus relating to these securities
has been filed with the Office of the Comptroller of the Currency
and is effective. Copies of the final prospectus relating to the
public offering may be obtained from the offices of McKinnon &
Company, Inc., 999 Waterside Drive, Suite 1200, Norfolk, VA 23510 or by calling (757)
623-4636.
This press release contains forward-looking statements
regarding future events. These statements are only predictions and
are subject to risks and uncertainties that could cause actual
events or results to differ materially. These risks and
uncertainties include risks of managing our growth, substantial
changes in financial markets, regulatory changes, changes in
interest rates, loss of deposits and loan demand to other financial
institutions, and changes in real estate values and the real estate
market. We caution that any such forward-looking statements are
further qualified by important factors that could cause our actual
operating results and financial position to differ materially from
the forward-looking statements. Oak View National Bank undertakes
no obligation to update or clarify forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Oak View National Bank