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WashingtonFirst Bankshares in Reston, Va., has raised $20 million through a private placement.
December 31 -
A fifth of the financial institutions that participated in the Small Business Lending Fund have fully left the program and an increasing number of banks are joining them before the dividend rate jumps to 9% next year.
July 22 -
WashingtonFirst Bankshares in Reston, Va., has agreed to buy direct mortgage lender 1st Portfolio Holding Corp. in Fairfax, Va.
May 14
WashingtonFirst Bankshares in Reston, Va., has exited the Small Business Lending Fund.
The $1.5 billion-asset bank issued $25 million of subordinated notes due 2025 in a private placement. WashingtonFirst used the proceeds to redeem $8.9 million in SBLF preferred shares, which it issued to the Treasury Department in 2011.
WashingtonFirst is the latest bank to exit the program, given low interest rates allowing small banks to
WashingtonFirst plans to use the remaining proceeds to make a capital contribution to WashingtonFirst Bank. The bank used some of the proceeds to redeem $2.5 million worth of 8% subordinated notes due 2021. The redemption will increase the bank's total consolidated risk-based capital by about $13.1 million.
The subordinated-debt placement closed on Monday. Keefe, Bruyette & Woods and Sandler O'Neill were placement agents. Troutman Sanders was legal counsel to WashingtonFirst.
