River City Bank Announces Secondary Capital Offering
03 Juni 2005 - 11:06PM
PR Newswire (US)
River City Bank Announces Secondary Capital Offering
MECHANICSVILLE, Va., June 3 /PRNewswire-FirstCall/ -- River City
Bank (OTC:RCBK) (BULLETIN BOARD: RCBK) a Virginia state chartered
bank headquartered in Mechanicsville, Virginia, announced today
that it has commenced a rights offering of 310,000 shares of common
stock to shareholders of record as of May 24, 2005 and a public
offering of 310,000 shares of common stock. Each shareholder as of
May 24, 2005 will be entitled to purchase in the rights offering
one share for every three shares owned on May 24, 2005. Any shares
not subscribed for by shareholders in the rights offering will be
offered to the general public as part of the public offering.
McKinnon & Company, Inc., an investment banking firm based in
Norfolk, Virginia will serve as the underwriter in the public
offering on a best efforts basis. River City Bank has reserved the
right to sell up to an additional 93,000 shares in the public
offering. The Bank intends to use the proceeds from the offerings
to support future growth of its commercial banking and branch
expansion. The Bank intends to apply to have its common stock
qualified for listing on the NASDAQ SmallCap Market and intends to
have such listing effective immediately after the closing of the
offerings. At March 31, 2005, River City Bank had total assets of
$32.67 million, total deposits of $24.70 million and stockholders'
equity of $7.80 million. To receive a copy of the preliminary
offering circular for the public offering, contact McKinnon &
Company, Inc., 555 East Main Street, Suite 1212, Norfolk, Virginia
23510, (757) 623-4636. This press 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. This press release and the preliminary
offering circular contain "forward- looking statements" that
concern future events which are subject to risks and uncertainties.
Any such statements are based on certain assumptions and analyses
by the Bank and other factors it believes are appropriate in the
circumstances. The Bank's actual results, events and developments
may differ materially from those contemplated by any
forward-looking statement. Consequently, all forward-looking
statements made in this press release and in the preliminary
offering circular are qualified by cautionary language contained in
the preliminary offering circular. DATASOURCE: River City Bank
CONTACT: Zirkle Blakey, III, Executive Vice President & Chief
Financial Officer of River City Bank, +1-804-730-4100 Web site:
http://www.rivercitybank.org/
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