The Victory Bancorp, Inc. (the “Company”) announced today the closing a $4.4 million offering of its common stock to its existing shareholders, as well as local investors.
“We were pleased the offering was well received by our existing shareholders, Board of Directors, and the local community. We believe that we have a great opportunity for growth ahead of us,” said Joseph W. Major, Bank Leader, and Chairman and Chief Executive Officer of the Company. The Company intends to contribute substantially all of the proceeds to The Victory Bank, which will increase the overall lending capacity of the Bank as it continues to serve small and medium-sized businesses, professionals, and consumers along the Route 422 corridor.
The shares of common stock were sold pursuant to an offering circular that was filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares referred to in this press release.
About The Victory Bancorp, Inc.
The Victory Bancorp, Inc. is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania. Victory Bank was established in 2008. Victory provides high-quality banking services to small and mid-sized businesses and professionals through its two offices located in Montgomery and Berks Counties, Pennsylvania. As of December 31, 2016, The Victory Bank had total assets of $200.5 million, total deposits of $157.7 million, and total equity of $16.5 million. Additional information about Victory Bancorp is available on this website.
This press release contains forward-looking statements about the offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.