Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, April 13, 1994 TAG: 9404130100
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: By MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Valley Financial is parent of Valley Bank, which is in the process of organization in Roanoke.
Before the stock can be purchased, the statement must be approved by the SEC, the federal agency governing the securities markets. The company said the stock will have an initial value of $10 per share, with between 800,000 and 1,200,000 shares to be issued. After trading begins, the value will be determined by the public market of buyers and sellers.
Company officials have said they hope to start selling the stock by the end of May or the beginning of June.
The company will offer its common stock through Scott & Stringfellow Inc., a Richmond-based securities broker and merchant banking company. As managing selling agent, along with co-agents still to be selected, Scott & Stringfellow will offer the stock through its offices in Roanoke and other cities.
The proposed Valley Bank has said it would sell stock worth $7.5 million to the parent company. This amount would be the bank's initial capital. The parent company will sell stock to the public.
Organizers of Valley Bank hope to open its doors by the end of the year. The bank will be at Church Avenue and First Street S.W. in Roanoke, in the former First Federal Building. A branch will operate in a yet-unidentified site in the Tanglewood area of Roanoke County.
Bank officials applied March 31 to the federal Controller of the Currency for permission to operate as a national bank and to the Federal Deposit Insurance Corp. for federal insurance on deposits.
by CNB