Virginia Business Bank Meets Fundraising Goal – $16.6 Million Collected from 300+ Investors
Richmond, Virginia (November, 2005) - Virginia Business Bank (“in organization”) has completed its initial fundraising goal and has collected $16,686,780 in cash as of September 30.
Since May 2005, when it announced its intent to organize and operate a new bank dedicated primarily to the lending and service needs of small and mid-sized businesses in Central Virginia, the bank has attracted more than 300 investors and 40 organizers. It is no longer seeking additional investors, and it has filed for approvals from the State Corporation Commission and the Federal Deposit Insurance Corporation (FDIC).
“It is very gratifying that our investors and organizers have placed so much confidence in this venture,” says Merlin A. Henkel, president and chief executive officer of Virginia Business Bank. “Our ability to raise this much capital in under 120 days underscores this community's need for a focused, non-traditional commercial bank.”
The bank met its initial fundraising goal of $15 million in commitments on August 10. As of September 30, those outstanding commitments were received as cash totaling $16.6 million.
Pending approval from state and FDIC officials, Virginia Business Bank is slated to open in early 2006, with a focus on commercial and private investor customers whose borrowing needs for real estate development and investment, business expansion, private investment, and business acquisition are in the $1 million to $5 million range. Virginia Business Bank will be the only Richmond area bank dedicated solely to serving this target market.
Virginia Business Bank intends to offer commercial clients advantages over both smaller retail banks, through greater lending capacity, and over large, full-service banks through overall personal service, responsiveness and flexibility in its lending.
Virginia Business Bank plans to be a state charted institution. While primarily a commercial focused bank, VBB also will offer consumer products to its clients, including personal credit card accounts and lines of credit. Deposit products will include checking and savings accounts, money-market accounts, certificates of deposit, as well as cash management services. The bank will be a member of the Federal Deposit Insurance Corporation (FDIC). For more information, please call (804) 523-4400 or visit www.vabusinessbank.com.
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