FIG Has Raised More Than $3.7 Billion
In Equity Capital In 114 Offerings To Date
ATLANTA, August 31, 2017 — Bay Banks of Virginia, Inc. (OTCQB: BAYK) has announced the completion of a $35 million private placement of common stock.
Bay Banks of Virginia, parent company of Virginia Commonwealth Bank, sold 3,783,784 shares of its common stock at an offering price of $9.25 per share to existing shareholders, institutional investors, and other accredited investors. Net proceeds from the offering were approximately $32.9 million.
Randal R. Greene, Chief Executive Officer of the Company and the Bank, said: “We are very pleased to announce the successful completion of our common stock offering. We believe our growing franchise is well-positioned and the new capital will allow us to continue to pursue growth opportunities in the communities we serve as we strive to create value for our shareholders.”
C. Frank Scott III, Chairman of the Board of the Company, said: “This additional capital will support Virginia Commonwealth Bank’s growth plans. We’ve seen strong growth in the Richmond market since our merger earlier this year. Virginia Commonwealth is benefitting from strategic opportunities that have arisen as a result of mergers and consolidations affecting several of our competitors. Our customers appreciate the personal approach that we bring to banking, which differentiates Virginia Commonwealth from other banks.”
The FIG team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; John Schramm, Principal; Lozan Aleksandrov, Senior Vice President and Deputy Head of Capital Markets; and Jerad Comarda, Associate.
More information is available here.
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