First State Bank Commences Capital Raise of $3 Million
Danville, VA, October 14, 2010 – First State Bank today announced that it plans to sell up to $3 million of its common shares in a public offering and has had its Offering Circular and Subscription Agreement approved by the Federal Deposit Insurance Corporation and the Virginia Bureau of Financial Institutions in connection with the offering.
Today's announcement was the first leg of First State Bank’s action plan for increasing its Tier 1 common equity capital and allowing it to expand its operations and improve its profitability.
“We are excited about the opportunities that we see in our market place and look forward to expanding our operations through this capital raise to provide services to other parts of Danville and Pittsylvania County,” Kelvin Perry, President and Chief Executive Officer, said of the offering.
First State Bank, with $36 million in assets, is the only remaining African-American owned and operated bank in the Commonwealth of Virginia and provides its customers with commercial banking, mortgage and consumer banking products and services. First State Bank serves customers in the City of Danville and throughout Pittsylvania counties and into neighboring North Carolina in Caswell County through its banking office in Danville. Additional information about First State Bank and its full line of products and services can be found at www.efirststatebank.com.
This press release may include forward-looking statements, which reflect First State Bank’s current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements.
Kelvin Perry, President and Chief Executive Officer, phone: 434.792.4176