TYSONS CORNER, Va., November 27, 2019 —Old Dominion National Bank announced that it has successfully completed a private placement offering of common equity, raising $22.4 million from accredited individual investors. This new funding will support the community bank’s continued organic growth and expansion throughout its Washington metro, Central Pennsylvania and Charlottesville markets.
Investors in the recent offering were primarily from the Washington metro area, where Old Dominion’s executive offices are located, and also included individuals from Central Pennsylvania, where the bank operates its Centre1st Bank division. Approximately a third of the participants were supporters of Tysons-based VisionBank, whose founders Mindi McClure and Rick Horn joined Old Dominion as executive officers in August of this year.
“We’re building a true community bank in ODNB, and we are very proud to count the more than 165 accredited individual investors from throughout our footprint who participated in this offering among our shareholders,” Chairman and CEO Mark S. Merrill said. “We’ve used capital raised since late 2016 to execute a high growth strategy and build ODNB into a premier community bank in our markets.”
Since becoming CEO in mid-2016, Merrill has led the repositioning of the bank’s shareholder base, employees, Board of Directors, and leadership team. Prior to Merrill’s arrival at ODNB, the bank had just $4.2 million in total equity capital and less than $50 million in total assets. Jack Infield, who was named President of ODNB earlier this year, joined in August 2016 as EVP Strategy to partner with Merrill in the repositioning of the bank. In early 2017, the bank’s executive headquarters were moved to Tysons Corner, Va. and its first Washington metro area branch was established there. Under the new leadership team, ODNB has grown total assets by approximately 681% through September 30, 2019, loans by 761%, deposits by 606%, and annualized net revenue by 591%. Following the close of the bank’s latest offering, total assets now total over $375 million, an increase of more than 725% over the past three and a half years.
During that same period, ODNB has completed three successful and oversubscribed private placements of common equity, raising a total of $91.1 million. In December 2016, the bank completed a common stock offering that raised $30.0 million in gross proceeds and 17 months later it completed another offering for an additional $38.7 million. In each of these offerings, capital was raised through the direct efforts of the bank’s directors and executives, without the use of an underwriter or placement fees.
Old Dominion's legal advisor on the private placement offering was Buckley LLP.