MIDLOTHIAN, Va., Aug. 28, 2012 (GLOBE NEWSWIRE) -- Bank of Virginia (the "Bank") (Nasdaq:BOVA) ( www.bankofva.com ) announced today that its largest shareholder, Cordia Bancorp Inc., has invested an additional $3 million in the Bank. The Bank plans to offer its other existing shareholders the right to invest up to $2 million on the same terms. The Bank also entered into an Agreement and Plan of Share Exchange with Cordia Bancorp pursuant to which each share of the Bank's common stock held by persons other than Cordia Bancorp would be exchanged for shares of Cordia Bancorp common stock. As a result, the Bank would become a wholly-owned subsidiary of Cordia Bancorp.
Bank Of Virginia Announces $5 Million Capital Raise, Plan To Reorganize As Wholly Owned Subsidiary Of Cordia Bancorp Inc.
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