This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Community Bankers Trust Corporation And Essex Bank Announce Termination Of Written Agreement With Banking Regulators

Stocks in this article: BTC

GLEN ALLEN, Va., Dec. 11, 2012 /PRNewswire/ -- Community Bankers Trust Corporation, the holding company for Essex Bank (NYSE MKT: BTC), announced today that the Federal Reserve Bank of Richmond and the Bureau of Financial Institutions of the Virginia State Corporation Commission have terminated their written agreement with the Company and the Bank.  The parties had entered into the written agreement on April 21, 2011.

Rex L. Smith, III, President and Chief Executive Officer of the Company and the Bank, stated, "I am very pleased and excited by our complete release from this enforcement action.  Our talented and dedicated employees have worked diligently in conjunction with our primary regulators to remove old obstacles and to clean up the balance sheet in order to ensure a solid foundation for a successful banking franchise in the Mid-Atlantic markets."

Mr. Smith added, "When I became interim Chief Executive Officer two years ago, we reported a net loss of $24.5 million through the third quarter of 2010, and we had over $43 million of non-performing loans. We had a material weakness in our financial reporting, and we had ineffective planning with no resolution in sight.  As a result, our stock traded at that time at levels as low as 70 cents per share.  Since that time, despite a difficult economy, we have been able to dramatically affect the position of the Company and make it an attractive investment.  The release from the written agreement is the final chapter to one of the greatest turn-around stories in community banking today.  I am happy for all of us here to have been able to be a part of it and, as always, we remain committed to returning long-term value for our stockholders."

The Federal Reserve publicly announced the termination of the written agreement, which was effective December 5, 2012, in a press release dated December 11, 2012.

About Community Bankers Trust Corporation

1 of 3

Select the service that is right for you!

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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