Bank of Botetourt commenced an offering of up to 275,000 common shares priced at $30 each.
Gross proceeds are expected to be approximately $8.3 million if the maximum number of shares is sold. The shares are offered on a best-efforts basis to existing and "street name" shareholders.
Raymond James & Associates Inc. is placement agent for the offering. Raymond James will offer the shares to institutional investors once the Buchanan, Va.-based company completes its offering to current shareholders.