Xenith in Virginia Raises Capital

Xenith Bankshares in Richmond, Va., has brought in nearly $18 million in funding through a private placement and a new loan.

The $883 million-asset company said in a press release Tuesday that it sold 880,000 shares of common stock to two unnamed investors. The company also borrowed $12 million as part of a $15 million unsecured loan agreement with an unnamed national bank. The remaining $3 million will be available for a one-year period.

Xenith said it could use the funds to assist with future acquisitions or investments in personnel.

"In addition to facilitating our core lending business, we believe that this additional capital helps position Xenith to continue to take advantage of carefully selected merger and acquisition opportunities," said T. Gaylon Layfield 3rd, the company's president and chief executive, in the release.