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First Capital Bancorp completes rights offering

First Capital Bancorp announced that as of May 11, it has completed its rights offering and its offering of shares to a standby investor. Stockholders exercised subscription rights to purchase 4M shares offered at a subscription price of $2.00 per share, and Kenneth R. Lehman, a private investor from Arlington, Virginia, purchased 4.9M shares at the subscription price of $2.00 per share. In total, the Company raised gross proceeds of $17.8M before expenses. The proceeds from the rights offering and standby purchase will be used to invest in the Company's subsidiary, First Capital Bank, to improve its regulatory capital ratios and for general corporate purposes.