Bank of Botetourt Announces Final Results of Rights Offering

BUCHANAN, Va., Nov. 8, 2022 /PRNewswire/ -- Buchanan-based Bank of Botetourt (OTCPK: BORT) announced today the results of its Series A Preferred Stock Rights Offering ("Offering"). Bank of Botetourt ("Bank") will issue 243,659 shares of its noncumulative, convertible, perpetual preferred stock as a result of the Offering, which closed on November 4, 2022 (the "Expiration Date").  This total includes all oversubscription orders which will be filled as subscribed. Gross proceeds, before any expenses of the Offering, are expected to total $6,822,452. 

All of the Shares offered, sold or issued are exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 3(a)(2) of the Securities Act, and it is not necessary in connection with the offer, sale and delivery of the Shares to register the Shares under the Securities Act.

This press release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, 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.

Bank of Botetourt was chartered in 1899 and operates thirteen retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties, the City of Salem, and the Town of Vinton, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.  

This press release contains certain "forward-looking statements" as defined by federal securities law, including those identified by words such as "anticipate," "believe," "could," "estimate," "expect," 'intend," "may," "plan," "potential," "project" and other similar expressions and variations. These forward-looking statements contain the Bank's expectations, plans, future financial performance, and other statements that are not historical facts. Although the Bank believes that its assumptions regarding these forward-looking statements are based on reasonable assumptions, actual results of performance could differ materially and are not guaranteed.  You are encouraged to review the risks, uncertainties, and other factors that affect the Bank's business and results of operations and an investment in its common stock that are detailed under the heading "Risk Factors" in the offering circular. These risks and inherent uncertainties should be considered in evaluating forward-looking statements contained in this report. We caution readers not to place undue reliance on those statements, which are specific as of the date of the press release. The Bank undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 

SOURCE Bank of Botetourt