WashingtonFirst Bankshares, Inc. Announces Closing of Public Offering of 1,655,000 Shares of Common Stock

WashingtonFirst Bankshares, Inc. Announces Closing of Public Offering of 1,655,000 Shares of Common Stock

  • Posted: 12/8/2015
  • Castle Creek

RESTON, Va.–(BUSINESS WIRE)–WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (the “Company”) today announced the closing of an underwritten public offering of 1,655,000 shares of its voting common stock, which included 215,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a price of $20.00 per share to the public. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses payable by the Company, were approximately $31.1 million.

The Company intends to use the net proceeds from this offering for general corporate purposes, which may include funding organic loan growth and longer-term strategic opportunities that may arise in the future and investments in the Company’s wholly-owned banking subsidiary, WashingtonFirst Bank, as regulatory capital.

Keefe, Bruyette & Woods, Inc., A Stifel Company, served as sole book-running manager and Raymond James & Associates, Inc. served as co-manager for the offering.

The offering was made under the Company’s shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2015 and declared effective on March 11, 2015.

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