August 20, 2020

Southern National Bancorp of Virginia, Inc. Announces Pricing of Subordinated Notes Offering

MCLEAN, Va., Aug. 20, 2020 /PRNewswire/ — Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA) (the “Company”) today announced the…

MCLEAN, Va., Aug. 20, 2020 /PRNewswire/ — Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA) (the “Company”) today announced the pricing of its underwritten public offering of $60 million of 5.40% fixed-to-floating rate subordinated notes due 2030 (the “Notes”). The Notes have a ten-year term, and interest on the Notes will accrue at a rate equal to (i) 5.40% per annum from the original issue date, to, but excluding, September 1, 2025 or the date of earlier redemption, payable semi-annually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 531 basis points from and including September 1, 2025, to, but excluding, the maturity date or the date of earlier redemption, payable quarterly in arrears.  The Company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, repaying indebtedness, providing capital to support the growth of Sonabank and the Company’s business and investments in Sonabank as regulatory capital.

The Company expects to close the transaction, subject to customary conditions, on August 25, 2020.

Janney Montgomery Scott and Piper Sandler are acting as joint book-running managers and Stephens Inc. is acting as co-manager of the offering.

This offering is being made only by means of a prospectus supplement and accompanying base prospectus.  The Company has filed a registration statement (File No. 333-237909) and a preliminary prospectus supplement to the prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (“SEC”) for the Notes to which this communication relates and will file a final prospectus supplement relating to the Notes. Prospective investors should read the prospectus supplement and accompanying prospectus in the registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Notes offering can be obtained without charge by visiting the SEC’s website at, or may be obtained by contacting Janney Montgomery Scott at 404-601-7200 or by email at; Piper Sandler & Co. at 1-866-805-4128 or by email at; and Stephens Inc. at 1-800-643-9691 or by email at These documents have also been filed with the SEC and are available at the SEC’s website at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement and accompanying base prospectus relating to the offering and the accompanying prospectus.

About Southern National Bancorp of Virginia, Inc.

As of June 30, 2020, the Company had $3.1 billion in total assets, $2.5 billion in total loans and $2.2 billion in total deposits. Sonabank provides a range of financial services to individuals and small and medium sized businesses through forty-two full-service branches in Virginia and Maryland and through certain internet and mobile applications.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to future events or the future performance of the Company. Forward-looking statements are not guarantees of performance or results. These forward-looking statements are based on the current beliefs and expectations of the respective management of the Company and Sonabank and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond their respective control, particularly with regard to developments related to the novel coronavirus. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward-looking statements because of numerous possible uncertainties. Words like “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “will,” and similar expressions, should be considered as identifying forward-looking statements, although other phrasing may be used. Such forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Registration Statements on Form S-3) filed by the Company. You should consider such factors and not place undue reliance on such forward-looking statements. No obligation is undertaken by the Company to update such forward-looking statements to reflect events or circumstances occurring after the issuance of this press release.

Contact: Dennis J. Zember Jr., CEO

Phone: 804-997-2406 or

Jeffrey L. Karafa, CFO

Phone: 804-997-2404

Southern National Bancorp, NASDAQ Symbol SONA



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