Oak View Bankshares, Inc. Completes $14 Million Subordinated Notes Offering

Rhea-AI Summary

Oak View Bankshares (OTC Pink: OAKV) announced the completion of a $14 million private placement of 4.0% subordinated notes due 2032.

The funds will be utilized to enhance bank capital ratios and support future growth strategies. The offering attracted significant interest from qualified institutional buyers.

CEO Michael A. Ewing expressed optimism about using this capital for organic growth and expansion, marking an exciting phase for the company.

Positive

• Successful private placement of $14 million in subordinated notes.
• Funds to strengthen capital ratios and support strategic opportunities.
• High investor interest leading to oversubscription of the offering.

Negative

• None.

WARRENTON, VA / ACCESSWIRE / March 3, 2022 / Oak View Bankshares, Inc. (the "Company") (OTC Pink:OAKV), parent company of Oak View National Bank (the "Bank"), announced it has completed a private placement of $14 million of 4.0% fixed-to-floating rate subordinated notes due 2032 (the "Notes") to certain qualified institutional buyers and institutional accredited investors (the "Private Placement"). The Company intends to use the net proceeds from the Private Placement for general corporate purposes, including strengthening Bank capital ratios and potential future strategic opportunities.

Michael A. Ewing, Chairman and Chief Executive Officer of the Company, commented, "We are thrilled to have the support of an investor group who oversubscribed our offering at an attractive pricing level. With this transaction, we will have the additional capital we need to support our tremendous organic growth and expansion. Our next chapter is full of exciting opportunities."

Performance Trust Capital Partners, LLC served as the sole placement agent. Williams Mullen served as legal counsel to the Company. Troutman Pepper Hamilton Sanders LLP served as legal counsel to the placement agent.

About Oak View Bankshares, Inc. and Oak View National Bank

Oak View Bankshares, Inc. is the parent bank holding company for Oak View National Bank, a locally owned and managed community bank serving Fauquier, Culpeper, Rappahannock, and surrounding Counties. For more information about Oak View Bankshares, Inc. and Oak View National Bank, please visit our website at www.oakviewbank.com. Member FDIC.

For additional information, contact Tammy Frazier, Executive Vice President & Chief Financial Officer, Oak View Bankshares, Inc., at 540-359-7155.

SOURCE: Oak View Bankshares, Inc.

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https://www.accesswire.com/691485/Oak-View-Bankshares-Inc-Completes-14-Million-Subordinated-Notes-Offering

FAQ

What is the purpose of Oak View Bankshares' recent $14 million private placement?

The $14 million from the private placement will be used for general corporate purposes, including strengthening bank capital ratios and supporting potential future strategic opportunities.

What are the terms of the subordinated notes issued by Oak View Bankshares?

The subordinated notes have a fixed-to-floating rate of 4.0% and are due in 2032.

Who served as the placement agent for Oak View Bankshares' recent offering?

Performance Trust Capital Partners, LLC was the sole placement agent for the offering.

How did investors respond to Oak View Bankshares' recent subordinated notes offering?

The offering was oversubscribed, indicating strong demand from qualified institutional buyers.

When was the private placement completed by Oak View Bankshares?

The private placement was completed on March 3, 2022.