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Cardinal Financial Prices Offering Of 4M Shares

The Associated Press

TYSON CORNER, Va. (AP) — Cardinal Financial Corp., a financial holding company, said Thursday it priced a public stock offering of 4 million shares at $7.75 per share for proceeds of $31 million.

Underwriters have the option to purchase up to an additional 15 percent of stock at the public offering price within 30 days.

Net proceeds will be used for general corporate purposes, including capital to subsidiary Cardinal Bank to support the growth of its operations.

Raymond James & Associates Inc. is serving as lead underwriter for this offering. Sandler O'Neill + Partners L.P. and Davenport & Company LLC are also acting as underwriters.

Shares declined 64 cents, or 7.6 percent, to $7.74.