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Virginia Commerce Bancorp Withdraws Common Stock Offering
ARLINGTON, Va. -- Virginia Commerce Bancorp, Inc. (NASDAQ:VCBI), the holding company for Virginia Commerce Bank, a Virginia chartered commercial bank which is a member of the Federal Reserve System, today announced that it has withdrawn its public offering of $75 million in common stock.
Peter A. Converse, Chief Executive Officer, said, "Because of an unfavorable change in market conditions, the Board of Directors decided it was not in the best interests of our stockholders to proceed with the holding company's previously announced offering, as the potential pricing did not meet our minimum criteria."
Converse added, "We just reported a third consecutive quarter of improved profits as well as a meaningful reduction in non-performing assets, and we believe that these trends will continue in the right direction. The holding company and the Bank are well-capitalized, and we remain committed to our strategic objectives to enhance stockholder value."
ABOUT VIRGINIA COMMERCE BANCORP, INC.
Virginia Commerce Bancorp, Inc. is the parent bank holding company for Virginia Commerce Bank (the "Bank"), a Virginia state chartered bank that commenced operations in May 1988. The Bank pursues a traditional community banking strategy, offering a full range of business and consumer banking services through twenty-eight branch offices, one residential mortgage office and one Wealth Management Services office, principally to individuals and small-to-medium size businesses in Northern Virginia and the Metropolitan Washington, D.C. area.