Bank of Botetourt Completes $8.25 Million Stock Offering
BUCHANAN, Va., Dec. 12, 2018 /PRNewswire/ -- Bank of Botetourt (OTCPK: BORT) (the "Bank") announced today it has completed its stock offering to existing shareholders, institutional investors, and other accredited investors. The Bank sold the offering's maximum of 275,000 shares of common stock at an offering price of $30.00 per share, or $8.25 million in gross proceeds. Net proceeds from the offering were approximately $7.6 million. The Bank intends to use the net proceeds from the offering to support future growth and for general corporate purposes.
"The success of this capital raise is gratifying and reflects the value of our franchise, the strength of our management team and directorate, and the viability of our strategic vision. We are thrilled with the response from our local investment community while pleased to add some new institutional investors who share our vision and who we believe will be good partners for our Bank. We are well positioned for the additional capital which will allow us execute growth strategies in our ongoing commitment to create shareholder value," said G. Lyn Hayth, III, President & CEO.
Raymond James & Associates, Inc. ("Raymond James") served as the sole placement agent for this offering.
The shares of common stock sold were exempt from the registration requirements of the federal Securities Act of 1933 or the securities law of any state or other jurisdiction and were issue pursuant to exemptions from registrations.
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.
About Bank of Botetourt:
Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.
Important Note Regarding Forward-Looking Statements
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
Related Links
http://www.bankofbotetourt.com
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