Parkway Bank Completes Stock Offering; Anticipates Quotation on the OTC Bulletin Board
31 July 2004 - 3:16AM
PR Newswire (US)
Parkway Bank Completes Stock Offering; Anticipates Quotation on the
OTC Bulletin Board LENOIR, N.C., July 30 /PRNewswire-FirstCall/ --
Parkway Bank, Lenoir, North Carolina, announced today that it has
successfully completed the sale of 489,708 shares of its common
stock. The number of shares sold includes 175,000 shares sold to
existing shareholders in a rights offering which was oversubscribed
and 314,708 shares sold in a best efforts public offering managed
by McKinnon & Company, Inc. Estimated net proceeds from the
offering will amount to approximately $5.5 million. Gary T.
Clawson, President and Chief Executive Officer, stated: "We are
pleased with the results of our secondary offering. The support of
existing shareholders as evidenced by their oversubscription in
that portion of the offering and the broad interest in Parkway Bank
displayed in the public offering are encouraging for us. The
additional capital acquired through this offering should allow
Parkway Bank to meet its growth objectives over the next three
years." Immediately following completion of the stock sale, Parkway
Bank expects its shares to begin quotation on the OTC Bulletin
Board on August 2, 2004 under the trading symbol "PKWY." Mr.
Clawson commented: "With the increased number of shares outstanding
and anticipated heightened activity in our stock, we are excited to
be accepted for quotation on the OTC Bulletin Board." This press
release contains forward-looking statements that are subject to
risks and uncertainties. These forward-looking statements include
information about possible or assumed future results of our
operations. When we use any of the words "believes", "expects",
"anticipates", "hopeful", "confident", "should" or similar
expressions, we are making forward-looking statements. Many
possible events or factors could affect the future financial
results and performance of the Bank. This could cause results or
performance to differ materially from those expressed in our
forward-looking statements. DATASOURCE: Parkway Bank CONTACT: Gary
T. Clawson, President and CEO of Parkway Bank, +1-828-758-1414 Web
site: http://www.parkwaybanknc.com/
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