Bank Of Virginia Shareholders Approve Revised Agreement With Cordia
MIDLOTHIAN, Va., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) ( www.bankofva.com ) held a special meeting of shareholders on Wednesday, November 17, 2010 in Richmond, VA.
During the meeting, shareholders approved the issuance of common stock to Cordia Bancorp Inc, pursuant to an amended stock purchase agreement. Cordia's initial investment in the Bank's common stock has been increased to $10 million, and its potential total investment has been increased to $20 million. Additionally, as the result of additional charge offs and increased provision for loan loss during the third quarter, the per share purchase price has been reduced to $2.00 per share, subject to potential adjustment pursuant to the amended agreement.
According to Frank Bell, President and Chief Executive Officer, "The Bank and Cordia remain committed to finalizing the transaction and look forward to solidifying the relationship. We are enthusiastic about the partnership with Cordia and remain optimistic that the necessary regulatory approvals will be received in the near future."Bank of Virginia operates five full-service branch offices in Chesterfield County and Henrico County in Virginia. Bank of Virginia common stock is traded on the NASDAQ stock market under the quotation symbol "BOVA". Additional investor relation information can be found on the internet at www.bankofva.com . DISCLAIMER This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-KSB as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.
CONTACT: Bank of Virginia Frank Bell, III, President & Chief Executive Officer 804-763-1333
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV