Southern National Bancorp of Virginia, Inc. Announces Closing of Subordinated Notes Offering

Southern National Bancorp of Virginia, Inc. Announces Closing of Subordinated Notes Offering

  • Posted: 08/25/2020
  • Jennifer Lian

MCLEAN, Va., Aug. 25, 2020 /PRNewswire/ — Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA) (the “Company”) the parent company of Sonabank, today announced that it had completed its previously announced underwritten offering and sale of its $60.0 million aggregate principal amount of 5.40% Fixed-to-Floating Rate Subordinated Notes due 2030.

The Company expects to use the net proceeds of the offering for general corporate purposes, which may include working capital, repaying indebtedness, providing capital to support the growth of Sonabank, and investments in Sonabank as regulatory capital.  

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