One of Richmond’s newest banks has set the price on a public stock offering that could help it raise up to $17 million in fresh capital.
Xenith Bankshares, the holding company for Xenith Bank, announced in November its plan to sell shares and said it would look to raise as much as $42 million.
The downtown-based company announced Wednesday that it is offering 4 million shares at $4.25 per share. The offering is open and is expected to close April 4.
The company has said it will use the money to fuel loan growth, hiring and to potentially acquisitions.
Xenith hired Sandler O’Neill + Partners and Stifel, Nicolaus & Company to handle the offering.
Xenith Bank was created in late 2009 after a merger with Suffolk-based First Bankshares, then the parent of SuffolkFirst Bank. The Xenith parent company used SuffolkFirst’s bank charter to get Xenith Bank off the ground after the financial crisis made getting a new bank charter next to impossible.
Although it is still in start-up mode and is losing money every quarter, Xenith has the benefit of a cleaner slate than many of its local peers.
Xenith has total assets of $251 million. It lost $5.3 million during 2010, compared with a $6.2 million loss in 2009. Its loan portfolio reached $151 million at year’s end, up from $102 million. Xenith had $175 million in deposits as of Dec. 31, up from $114 million at the end of 2009. It reported $4.3 million in non-performing assets, or 1.7 percent of its total assets.
Xenith has five branches across Richmond, Suffolk and Northern Virginia.
As is the norm with such offerings, Xenith is under an SEC-mandated silent period and is prohibited from discussing the offering until it is closed.
One of Richmond’s newest banks has set the price on a public stock offering that could help it raise up to $17 million in fresh capital.
Xenith Bankshares, the holding company for Xenith Bank, announced in November its plan to sell shares and said it would look to raise as much as $42 million.
The downtown-based company announced Wednesday that it is offering 4 million shares at $4.25 per share. The offering is open and is expected to close April 4.
The company has said it will use the money to fuel loan growth, hiring and to potentially acquisitions.
Xenith hired Sandler O’Neill + Partners and Stifel, Nicolaus & Company to handle the offering.
Xenith Bank was created in late 2009 after a merger with Suffolk-based First Bankshares, then the parent of SuffolkFirst Bank. The Xenith parent company used SuffolkFirst’s bank charter to get Xenith Bank off the ground after the financial crisis made getting a new bank charter next to impossible.
Although it is still in start-up mode and is losing money every quarter, Xenith has the benefit of a cleaner slate than many of its local peers.
Xenith has total assets of $251 million. It lost $5.3 million during 2010, compared with a $6.2 million loss in 2009. Its loan portfolio reached $151 million at year’s end, up from $102 million. Xenith had $175 million in deposits as of Dec. 31, up from $114 million at the end of 2009. It reported $4.3 million in non-performing assets, or 1.7 percent of its total assets.
Xenith has five branches across Richmond, Suffolk and Northern Virginia.
As is the norm with such offerings, Xenith is under an SEC-mandated silent period and is prohibited from discussing the offering until it is closed.
Quality of deposits would have been EXTREMELY germane to this article. What percentage are brokered?