Old Dominion National Bank completed an oversubscribed common equity private offering, which was upsized from $30 million to raise an aggregate of $38.7 million in new capital.
The new capital was largely from about 320 accredited individual investors in the Washington, D.C., metropolitan area and Pennsylvania.
Total expenses from the offering were less than $100,000.
The North Garden, Va.-based bank said that the net proceeds, which amounted to $38.6 million, would be used to support lending, investment activities and its growth in existing markets and expansion into new ones.
