Business Services Industry
Roanoke, Va.-based bank receives $3.8 million from stock sale.
Knight Ridder/Tribune Business News, September, 2004
By Jenny Kincaid, The Roanoke Times, Va. Knight Ridder/Tribune Business News
Sep. 29--Nicholas Taubman's purchase of $3.8 million in shares at Valley Bank will help the Roanoke-based company to balance capital growth with its assets, an analyst said.
Matthew Peake, an analyst with Davenport & Co. in Richmond, said Valley Bank "is still in the growth stage where the growth of the balance sheet is surpassing the internal capital generation."
"They don't need a huge capital infusion like $10 [million] or $20 million, but they need a little more to stay within well-capitalized ratios," he said. "Banks of any size will try to balance profitability and growth."
On Monday, when the private sale of 275,000 shares was announced, Ellis...
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