WASHINGTON, Dec. 4, 2013 (GLOBE NEWSWIRE) -- Bank of Georgetown, a community bank chartered in Washington, D.C., today announced that it has completed its fifth private offering of common stock, which raised approximately $18.1 million in gross proceeds. The common stock was sold to investors at $19.50 per share, which equates to approximately 124% of the Bank's book value per share, adjusted for the offering as of September 30, 2013. The Bank exceeded its $15 million target with investments from local shareholders as well as institutional investors.
"We are thrilled to have so quickly exceeded our goal and appreciate the support of our new and existing shareholders," said Bank of Georgetown Chairman, President and CEO Mike Fitzgerald. "The results of this offering speak to our investors' high level of trust and confidence in Bank of Georgetown's growth strategy and our ability to deliver on it. This capital provides us the additional financial flexibility to take advantage of future opportunities as we continue to provide outstanding relationship-banking service to Washington metro area businesses."
Bank of Georgetown elected to serve as its own placement agent for the offering.
Since its founding, the Bank has expanded organically by recruiting and retaining experienced bankers while maintaining a disciplined credit culture and a focus on core deposits. Bank of Georgetown continues to demonstrate strong growth, posting year-over-year asset and gross loan increases of 16.0% and 24.6%, respectively, as of September 30, 2013.
About Bank of Georgetown
Bank of Georgetown is a client-focused community bank with ten branches throughout Washington, D.C., Maryland and Northern Virginia. The Bank has in excess of $900 million in assets and specializes in helping local organizations achieve their financial goals by delivering competitive loan, deposit and cash management products and services. Founded in 2005 by Chairman, President and CEO Mike Fitzgerald and the late Curtin Winsor III, Bank of Georgetown offers unique customer-focused and technologically advanced services in order to maximize the relationship banking experience for its clients. More information is available at www.bankofgeorgetown.com.
CONTACT: Bridget Veihmeyer Bank of Georgetown (202)742-1086 firstname.lastname@example.org
Source:Bank of Georgetown