Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 28, 1994 TAG: 9410280063
SECTION: BUSINESS PAGE: A11 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Three months into the sale of stock in the new company, about 400 investors have bought $5.6 million in shares, according to William Nash, manager of the Roanoke office of Scott and Stringfellow Inc., a securities broker marketing the stock.
That's an average of $1,400 per subscriber.
There's been a lot of interest among smaller investors locally, Nash said Thursday, but "we need to get a few more larger investors." He said the sponsors are planning to "energize" solicitation of major investors.
Valley Financial is seeking at least $8 million to open the bank. The government requires a minimum of $5 million in capital. Backers of the venture have said they hope to raise $12 million through the sale of stock.
The stock is being offered at $10 a share through a group of brokers led by Scott & Stringfellow. Its co-agents are Wheat First Butcher Singer, Ferguson Andrews & Associates, A.G. Edwards & Sons and J.C. Bradford & Co. All have offices in Roanoke and other Virginia localities.
Money raised in the stock offering is being held in escrow by Wachovia Bank of Winston-Salem, N.C., until the minimum number of shares has been sold.
The minimum number of shares must be sold by Dec. 31, although the directors of the company could extend this deadline until Aug. 1, 1995.
The U.S. Comptroller of the Currency has granted preliminary approval for opening of Valley Bank. It plans to operate an office in the former First Federal Building (also the former CorEast Building) in downtown Roanoke, with a branch on Starkey Road in Roanoke County.
by CNB