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Old Dominion National Bank completes additional $10M capital offering

Old Dominion National Bank completed its upsized new equity capital offering, raising an additional $10 million.

The bank raised $20 million earlier in the year. The offering was available to accredited investors, mostly from the Washington, D.C., metro area.

The bank said that in addition to general corporate purposes, net proceeds will go toward strengthening the bank's capital base and ensuring that its capital levels continue to exceed regulatory requirements. Part of the proceeds will also be used to expand lending and fund deposit-gathering efforts.