VRB stock sale OK'd
ROGUE RIVER The VRB Bancorp board has authorized a stock sale toraise $4 million to $8 million to finance the purchase of Colonial Bank.
The bank has the necessary capital to complete this purchase,said Tom Anderson, executive vice president. The offering, he added, willprovide capital for further growth.
VRB Bancorp, based in Rogue River, is the parent company of Valley ofthe Rogue Bank. VRB has agreed to purchase Grants Pass-based Colonial Bankfor $17.5 million in cash. The transaction is expected to close Jan. 1.
The company is negotiating with investment banking firms to underwritethe offering.