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Potomac Bancshares discloses $10M equity offering

Charles Town, W.Va.-based Potomac Bancshares Inc. on July 2 filed a Form D related to a $10 million equity offering.

The company has already sold $372,372 securities to seven investors. The first sale took place on June 15.

The offering, which is not expected to last more than a year, is not being made in connection with a business combination transaction.

The company estimates sales commissions for the offering at $560,000. Boenning & Scattergood Inc. is listed as the recipient of the sales compensation and is serving as broker.

Proceeds from the offering will be used to strengthen the capital ratios of the company to support organic growth of strategic acquisitions as well as for working capital purposes.