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FVCBankcorp IPO expected to price between $19 and $21 per share

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FVCBankcorp IPO expected to price between $19 and $21 per share

Fairfax, Va.-based FVCBankcorp Inc. launched an initial public offering of 1,750,000 common shares.

The IPO is expected to price between $19.00 and $21.00 per share.

The company granted the underwriters a 30-day option to buy up to an additional 262,500 common shares.

Net proceeds will be used to pay approximately $18.3 million cash portion of the merger consideration to be paid to Rockville, Md.-based Colombo Bank shareholders and to cover other cash expenditures connected with the deal. The remainder will be used to increase the capital of FVCbank and to strengthen the company's regulatory capital.

FVCBankcorp applied to list its shares on the Nasdaq Capital Market under the ticker symbol FVCB.

Sandler O'Neill & Partners LP and Raymond James & Associates Inc. are acting as joint book-running managers for the offering.