Bank OF Wilmington (NASDAQ:BKWW)
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Bank of Wilmington Announces Pricing of Common Stock Offering and Listing On The
Nasdaq Smallcap Market
WILMINGTON, N.C., Oct. 31 /PRNewswire-FirstCall/ -- Bank of Wilmington
announced that on October 30, 2003, it priced a public offering of up to 805,000
shares of its common stock at $9.75 per share. The offering is expected to
close on or about November 5, 2003. The Bank expects to receive net proceeds of
approximately $7.2 million from its sale of shares after deducting sales
commissions and expenses. The Bank intends to use the proceeds of the offering
to provide capital to support its continued growth, to expand its loan and
investment portfolios, and for other general corporate purposes.
The offering is being made through McKinnon & Company, Inc., Norfolk, VA, acting
as the Bank's sales agent on a best efforts basis.
The Bank also announced that, effective on October 31, 2003, its common stock
had become listed on The Nasdaq SmallCap Market. Previously, the stock was
quoted for trading on the OTC Bulletin Board.
As of September 30, 2003, the Bank had total assets of approximately $115.3
million, total loans of approximately $94.4 million, total deposits of
approximately $105.8 million and total shareholders' equity of $9.2 million. It
operates two full service banking offices in Wilmington.
This press release is not an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities, 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 any such
state or jurisdiction. Any offer, solicitation or sale will be made only by
means of the offering circular.
DATASOURCE: Bank of Wilmington
CONTACT: Cameron Coburn of Bank of Wilmington, +1-910-509-2000, or
Web site: http://www.bankofwilmington.com/