Investment Banking - Potomac Bancshares, Inc.
Transactions | Banking
Client: Potomac Bancshares, Inc.
Transaction Type: Common Stock Offering
Role: Sole Placement Agent
- Headquartered in Charles Town, West Virginia, in the Washington D.C. MSA, Potomac Bancshares, Inc. (OTC PINK: PTBS) is the holding company for Bank of Charles Town.
- With approximately $427 million in assets as of June 30, 2018, the Company conducts operations through its main office and seven branch office facilities in Jefferson and Berkeley Counties (WV), Washington County (MD) and Loudoun County (VA).
- The offering closed on September 24. In total, Potomac issued 810,810 shares and generated gross proceeds of $12 million through the offering. The proceeds will be used to support continued organic growth and potential future acquisitions, and for general corporate purposes. The Company opened a new branch in Purcellville, VA, in July 2018, deepening its presence in the dynamic and rapidly expanding Northern Virginia market.
- Alice P. Frazier, Potomac Bancshares, Inc.’s President and Chief Executive Officer said, “We are gratified by the local support demonstrated by both our existing and new shareholders who are excited about our strategy for quality growth and long-term value. The Board of Directors and management team see substantial opportunities in our current and expansion markets to attract new clients and experienced bankers who prefer a community bank.”
- Boenning served as the sole placement agent for Potomac Bancshares, Inc.