Alliance Bankshares Corporation Announces Closing of Common Stock Offering.Business Editors CHANTILLY, Va.--(BUSINESS WIRE)--Feb. 23, 2004 Alliance Bankshares Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABVA), a bank holding company located in Chantilly, Virginia Chantilly is an unincorporated community located in western Fairfax County and southeastern Loudoun County of Northern Virginia. Recognized by the U.S. Census Bureau as a census designated place (CDP), the community population was 41,041 as of the 2000 census. , announced today that it has closed the sale of 1,481,470 shares of its common stock at a price of $17.00 per share before commissions and expenses. The shares were sold on a best efforts basis through McKinnon & Company, Inc., Norfolk, Virginia Norfolk is an independent city in the Commonwealth of Virginia, in the United States of America. With a population of 234,403 as of the 2000 census, Norfolk is Virginia's second-largest incorporated city. . Thomas A. Young, Jr., President and Chief Executive Officer of Alliance stated, "We are pleased at the market response to our offering. Strong investor demand enabled us to increase our offering from the 1,000,000 shares originally contemplated. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Alliance after commissions were in excess of $23.9 million. This will significantly strengthen our capital position to support our continuing growth strategy within the Washington, D.C. metropolitan market." Alliance Bankshares Corporation is a locally managed community banking organization based in Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. . The independent status of the organization allows the bank's management to create, implement and maintain banking services with a level of flexibility, creativity and discretion that is not possible with larger institutions. Some of the matters discussed herein may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements may include statements regarding profitability and financial and other goals. These statements are based on certain assumptions and analyses by the Company and other factors it believes are appropriate in the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . However, the Company's expectations are subject to a number of risks and uncertainties and other factors that could cause actual results, events and developments to differ materially from those contemplated by any forward-looking statements herein. Consequently, all forwarding-looking statements made herein are qualified by these cautionary statements and cautionary language in the Company's most recent report on Form 10-KSB and other documents filed with the Securities and Exchange Commission. More information on Alliance Bankshares Corporation can be found online at www.alliancebankva.com or by phoning an Alliance office. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion