FAIRFAX, Va.--(BUSINESS WIRE)--FVCBankcorp, Inc. (OTCQX: FVCB), announced today that it has launched its initial public offering of newly issued shares of its common stock. The Company is offering 1,750,000 shares. The initial public offering price is currently expected to be between $19.00 and $21.00 per share. The underwriters will have a 30-day option to purchase up to an additional 262,500 shares of common stock.
FVCB has applied to list the shares to trade on the Nasdaq Capital Market under the symbol “FVCB.”
The net proceeds of the offering will be used to pay the approximately $18.3 million cash portion of the consideration to be paid to shareholders of Colombo Bank pursuant to the Agreement and Plan of Merger between FVCB, its wholly owned subsidiary, FVCbank and Colombo Bank, dated as of May 3, 2018, and to cover other cash expenditures connected with the merger. The balance of the net proceeds from the offering will be used to increase the capital of FVCbank in order to support its growth strategies, for working capital and for other general corporate purposes, and to strengthen FVCB’s regulatory capital.
Sandler O’Neill + Partners, L.P. and Raymond James & Associates, Inc. are acting as the joint book-running managers in the proposed offering. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained, when available, from Sandler O’Neill & Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, Attention: Syndicate, or by calling (866) 805-4128, or from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Attention Equity Capital Markets, or by calling (800)-248-8863.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About FVCBankcorp, Inc.
Celebrating over 10 years of sound financial performance and continued growth, FVCbank commenced operations in November 2007 and is the wholly-owned subsidiary of FVCB. FVCbank is a $1.1 billion Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, D.C., metropolitan and Northern Virginia area. Locally owned and managed, it is based in Fairfax, Virginia, and has six full-service offices in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield, Virginia.
