WARRENTON, VA / ACCESSWIRE / March 3, 2022 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), announced it has completed a private placement of $14 million of 4.0% fixed-to-floating rate subordinated notes due 2032 (the "Notes") to certain qualified institutional buyers and institutional accredited investors (the "Private Placement"). The Company intends to use the net proceeds from the Private Placement for general corporate purposes, including strengthening Bank capital ratios and potential future strategic opportunities.
Michael A. Ewing, Chairman and Chief Executive Officer of the Company, commented, "We are thrilled to have the support of an investor group who oversubscribed our offering at an attractive pricing level. With this transaction, we will have the additional capital we need to support our tremendous organic growth and expansion. Our next chapter is full of exciting opportunities."
Performance Trust Capital Partners, LLC served as the sole placement agent. Williams Mullen served as legal counsel to the Company. Troutman Pepper Hamilton Sanders LLP served as legal counsel to the placement agent.
About Oak View Bankshares, Inc. and Oak View National Bank
Oak View Bankshares, Inc. is the parent bank holding company for Oak View National Bank, a locally owned and managed community bank serving Fauquier, Culpeper, Rappahannock, and surrounding Counties. For more information about Oak View Bankshares, Inc. and Oak View National Bank, please visit our website at www.oakviewbank.com. Member FDIC.
For additional information, contact Tammy Frazier, Executive Vice President & Chief Financial Officer, Oak View Bankshares, Inc., at 540-359-7155.
SOURCE: Oak View Bankshares, Inc.
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