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