New Issue: Monarch Bank raises $6.53 million in private placement of shares

By Sheri Kasprzak

Atlanta, June 6 - Monarch Bank said it has closed a private placement of stock for $6,525,000.

The company sold 450,000 shares at $14.50 each to 130 investors in the Hampton Roads, Va., area.

The company had announced the deal on April 11 as an offering of between 250,000 and 450,000 shares.

Based in Chesapeake, Va., Monarch is a community bank.

Issuer:	Monarch Bank
Issue:	Stock
Amount:	$6,525,000
Shares:	450,000
Price:	$14.50
Warrants:	No
Pricing date:	April 11
Settlement date:	May 31
Stock price:	$14.50 at close May 31

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