Patriot Financial was the lead investor; deal funds corporate purposes
By Devika Patel
Knoxville, Tenn., March 22 – Freedom Bank of Virginia said it took in $6 million on March 17 in the second and final tranche of a $16 million private placement of stock with investors led by Patriot Financial Partners II, LP. The deal raised $10 million on Dec. 29.
The company sold common shares at $8.50 apiece. The price per share is a 4.94% premium to the Dec. 28 closing share price of $8.10. Freedom Bank sold 705,882 shares in the second tranche.
Proceeds will be used to support the growth of the bank and for general corporate purposes.
The locally owned bank is based in Fairfax, Va.
| Issuer: | Freedom Bank of Virginia
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| Issue: | Common shares
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| Amount: | $16 million
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| Price: | $8.50
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| Warrants: | No
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| Investor: | Patriot Financial Partners II, LP (lead)
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| Settlement date: | Dec. 29 (for $10 million), March 17 (for $6 million)
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| Stock symbol: | OTCBB: FDVA
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| Stock price: | $8.10 at close Dec. 28
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| Market capitalization: | $32.38 million
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