Bank of Wilmington Announces Completion of Common Stock Offering
29 Novembre 2004 - 10:24PM
PR Newswire (US)
Bank of Wilmington Announces Completion of Common Stock Offering
WILMINGTON, N.C., Nov. 29 /PRNewswire-FirstCall/ -- Bank of
Wilmington (NASDAQ:BKWW) announced that it has completed the sale
of 558,419 shares of its common stock at a price of $10.75 per
share. The offering was closed today. The Bank received net
proceeds of approximately $5.5 million from its sale of shares
after deducting sales commissions and expenses. The Bank intends to
use the proceeds of the offering primarily as additional capital to
support its continued growth, including growth expected to result
from two new banking offices that are proposed to be established
during 2005 and 2006. The offering was made through McKinnon &
Company, Inc., Norfolk, VA, acting as the Bank's sales agent on a
best efforts basis. As of September 30, 2004, the Bank had total
assets of approximately $180.1 million, total loans of
approximately $140.9 million, total deposits of approximately
$157.0 million and total shareholders' equity of $17.5 million. It
currently operates three full-service banking offices in Wilmington
and Hampstead, North Carolina. This Press Release is not an offer
to sell or the solicitation of an offer to buy our common stock,
nor will there be any sale of our common stock, in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction. Our common stock has
not and will not be registered under the Securities Act of 1933 in
reliance on an applicable exemption from such registration. Offers
of our stock are made only by our definitive Offering Circular. The
shares of our common stock are not savings accounts or deposits, or
obligations of or guaranteed by us, and they are not insured by the
Federal Deposit Insurance Corporation or any other person or
government agency. Disclosures About Forward Looking Statements
Statements in this press release relating to plans, strategies,
economic performance and trends, projections of results of specific
activities or investments, expectations or beliefs about future
events or results, and other statements that are not descriptions
of historical facts, may be forward- looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking information is
inherently subject to risks and uncertainties, and actual results
could differ materially from those currently anticipated due to a
number of factors, which include, but are not limited to, risk
factors discussed in our Annual Report on Form 10-KSB and in other
documents filed by us with the Federal Deposit Insurance
Corporation from time to time. Forward-looking statements may be
identified by terms such as "may," "will," "should," "could,"
"expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential" or "continue," or
similar terms or the negative of these terms, or other statements
concerning opinions or judgments of our management about future
events. Factors that could influence the accuracy of such
forward-looking statements include, but are not limited to, the
financial success or changing strategies of our customers, actions
of government regulators, the level of market interest rates, the
competitive nature of the financial services industry and our
ability to compete effectively against other financial institutions
in our banking market, the level of market interest rates, general
economic conditions, and other developments or changes in our
business that we do not expect. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance or achievements. We have no obligation to update these
forward-looking statements. DATASOURCE: Bank of Wilmington CONTACT:
Cameron Coburn of Bank of Wilmington, +1-910-509-2000, or Web site:
http://www.bankofwilmington.com/
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