This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Xenith Bank Assumes All Deposits And Acquires Assets Of Virginia Business Bank, Richmond, Virginia, Under Purchase And Assumption Agreement With FDIC

RICHMOND, Va., July 29, 2011 /PRNewswire/ -- Xenith Bankshares, Inc. (NASDAQ: XBKS), parent company to Xenith Bank, today announced that Xenith Bank has assumed all deposits and acquired substantially all of the assets of Virginia Business Bank, Richmond, Virginia, which was closed today by the Virginia State Corporation Commission, under a purchase and assumption agreement between Xenith Bank and  the Federal Deposit Insurance Corporation (FDIC).  The FDIC is acting as court-appointed receiver of Virginia Business Bank.  The transaction was completed without any shared-loss agreement.

Under the terms of the transaction, Xenith Bank acquires approximately $86 million in assets, including approximately $69 million in loans; and assumes $82 million in liabilities, including deposits of  approximately $73 million.

"We believe that the strong capital position we have built over the past couple of years has positioned Xenith Bank to participate in growth opportunities such as this," said T. Gaylon Layfield, III, President and Chief Executive Officer.  "This is Xenith's second acquisition since our successful capital raise in April, and while our primary focus remains organic growth, we remain interested in additional opportunities that strengthen our franchise and offer the potential for additional shareholder value creation."

"We are pleased to welcome customers of Virginia Business Bank to the Xenith Bank family.  We believe that they will benefit from being affiliated with a well-capitalized financial institution that is strategically focused on the Virginia business communities, as well as select retail markets.  Our approach to customer service involves local management and decision making, state-of-the-art technology and providing a team of experienced professionals dedicated to helping all of our customers prosper," Mr. Layfield said.

The sole branch of Virginia Business Bank will reopen on Monday, August 1 as a branch of Xenith Bank.  Depositors of Virginia Business Bank will automatically become depositors of Xenith Bank.  Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.  This evening and over the weekend, depositors of Virginia Business Bank can access their money by writing checks or using ATM or debit cards.  Checks drawn on the bank will continue to be processed.  Loan customers should continue to make their payments as usual.

Customers of Virginia Business Bank should continue to use their existing branch until they receive notice from Xenith Bank that it has completed systems changes to allow other Xenith Bank branches to process their accounts as well.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs