Community Bankers Trust Corporation Announces Subsidiary's Plan To Close Rockbridge Branch And Sell Deposits
GLEN ALLEN, Va., Jan. 18, 2011 /PRNewswire/ -- Community Bankers Trust Corporation (NYSE Amex: BTC), the holding company for Essex Bank, a Virginia state bank (the "Bank"), announced today that the Bank plans to close its Rockbridge Branch office and sell the deposits associated with it in April 2011. The office is located at 744 North Lee Highway, Lexington, Virginia 24450.
In connection with the branch closure, the Bank has entered into a purchase and assumption agreement with StellarOne Bank, a Virginia chartered bank. Under this agreement, StellarOne will assume most of the deposits at the Rockbridge Branch following the closure, and StellarOne will service customers at its branch office located at 1197 North Lee Highway, Lexington, Virginia 24450. The estimated amount of deposits to be transferred is $12 million.
Bruce E. Thomas, the Bank's Executive Vice President and Chief Financial Officer, stated, "The decision to close a branch is always a difficult one. We believe, however, that this step will have an immediate positive effect on our overall profitability. This move also allows us to continue to focus squarely on operational and marketing efficiencies in our core banking markets, while offering our current Rockbridge customers no interruption in banking services."
StellarOne's assumption of the deposits is subject to customary closing conditions, including regulatory approvals.About Community Bankers Trust Corporation The Company is the holding company for Essex Bank, a Virginia state bank with 25 full-service offices, 14 of which are in Virginia, seven of which are in Maryland and four of which are in Georgia. The Company also operates one loan production office. Additional information is available on the Company's website at www.cbtrustcorp.com.
SOURCE Community Bankers Trust Corporation
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