Virginia Commerce Bancorp, Inc. Announces Withdrawal of Common Stock Offering
29 Juli 2010 - 12:31AM
Business Wire
Virginia Commerce Bancorp, Inc. (NASDAQ:VCBI), the holding
company for Virginia Commerce Bank, a Virginia chartered commercial
bank which is a member of the Federal Reserve System, today
announced that it has withdrawn its public offering of $75 million
in common stock.
Peter A. Converse, Chief Executive Officer, said, “Because of an
unfavorable change in market conditions, the Board of Directors
decided it was not in the best interests of our stockholders to
proceed with the holding company’s previously announced offering,
as the potential pricing did not meet our minimum criteria.”
Converse added, “We just reported a third consecutive quarter of
improved profits as well as a meaningful reduction in
non-performing assets, and we believe that these trends will
continue in the right direction. The holding company and the Bank
are well-capitalized, and we remain committed to our strategic
objectives to enhance stockholder value.”
ABOUT VIRGINIA COMMERCE
BANCORP, INC.
Virginia Commerce Bancorp, Inc. is the parent bank holding
company for Virginia Commerce Bank (the “Bank”), a Virginia state
chartered bank that commenced operations in May 1988. The Bank
pursues a traditional community banking strategy, offering a full
range of business and consumer banking services through
twenty-eight branch offices, one residential mortgage office and
one Wealth Management Services office, principally to individuals
and small-to-medium size businesses in Northern Virginia and the
Metropolitan Washington, D.C. area.
FORWARD LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Securities and Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies. When we use words such as “may,” “will,” “anticipates,”
“believes,” “expects,” “plans,” “estimates,” “potential,”
“continue,” “should,” and similar words or phrases, you should
consider them as identifying forward-looking statements, which are
not guarantees of future performance. These statements are based
upon current and anticipated economic conditions, nationally and in
the Company’s market, interest rates and interest rate policy,
competitive factors, and other conditions which by their nature,
are not susceptible to accurate forecast, and are subject to
significant uncertainty. Because of these uncertainties and the
assumptions on which this release and the forward-looking
statements are based, actual future operations and results may
differ materially from those indicated herein. Readers are
cautioned against placing undue reliance on any such
forward-looking statements. The Company’s past results are not
necessarily indicative of future performance.
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