Oak View National Bank seals $4.01 million tranche of stock placement

Company anticipates second closing of 25,000 more shares on Aug. 31

By Toni Weeks

San Diego, Aug. 21 - Oak View National Bank said it settled the first tranche of a private placement of common stock via agent McKinnon & Co., Inc.

The company sold 1,002,250 shares at $4.00 apiece. It expects a second closing for an additional 25,000 shares on Aug. 31, according to a press release.

Proceeds will be used to increase equity capital and for general corporate purposes, including continued loan production and opportunistic growth through new branch openings and branch acquisitions.

The bank is located in Warrenton, Va.

Issuer:	Oak View National Bank
Issue:	Common shares
Shares:	1,027,250 (1,002,250 in first tranche, 25,000 in second tranche)
Price:	$4.00 (first tranche)
Warrants:	No
Agent:	McKinnon & Co., Inc.
Settlement dates:	Aug. 21(for $4,009,000), Aug. 31 for second tranche
Stock symbol:	OTCBB: OAKV, as of Aug. 22

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