RICHMOND, Va., March 10, 2011 /PRNewswire/ -- Xenith Bankshares, Inc. (Nasdaq: XBKS) announced today that it intends to commence a public offering of 7,000,000 shares of its common stock (8,050,000 shares if the option granted by the company to the underwriters to cover over-allotments, if any, is fully exercised).
The shares of common stock will be offered pursuant to a registration statement filed on Form S-1 with the Securities and Exchange Commission.
The company intends to contribute substantially all of the net proceeds of the offering to its wholly-owned subsidiary, Xenith Bank, and intends for Xenith Bank to use the contributed proceeds primarily to fund organic growth of its loans to customers in its target markets, continued investment in its infrastructure and personnel and other general business purposes, which may include acquisitions. The company intends to retain a portion of the net proceeds to repay upon completion of the offering certain expenses associated with being a public bank holding company which were previously paid on its behalf by Xenith Bank, plus interest at the applicable Federal funds rate, and to establish a reserve to pay similar projected expenses in the future.
Sandler O'Neill + Partners, L.P. will act as sole book-running manager and Stifel, Nicolaus & Company, Incorporated will act as co-lead manager for the proposed offering.A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers for the securities will be made only by means of the prospectus forming part of the registration statement. The prospectus relating to these securities can be obtained from Sandler O'Neill + Partners, L.P. at (866) 805-4128 or Stifel, Nicolaus & Company, Incorporated at (443) 224-1988.
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