Eastern Virginia Bankshares announces $45M capital raise, $5M rights offering

theflyonthewall.com

Eastern Virginia Bankshares announced that it has entered into securities purchase agreements with affiliates of Castle Creek Capital and GCP Capital and certain other institutional investors pursuant to which it expects to raise aggregate gross proceeds of $45M through private placements of approximately 4.6M shares of common stock and 5.2M shares of a new series of non-voting mandatorily convertible non-cumulative preferred stock, each at $4.55 per share. The company also announced plans to conduct a $5M rights offering to allow existing shareholders to purchase common stock at the same purchase price per share as the investors in the private placements.

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