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Bank of Botetourt completes common stock offering

Buchanan, Va.-based Bank of Botetourt completed its common stock offering to existing shareholders, institutional investors and other accredited investors.

The bank sold the offering's maximum of 275,000 common shares at $30 per share for about $8.3 million in gross proceeds.

Net proceeds from the offering were approximately $7.6 million, which the bank plans to use to support growth and for general corporate purposes.

Raymond James & Associates Inc. served as sole placement agent for the offering.