MIDLOTHIAN, Va., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. (the "Company") (Nasdaq:BVA), parent of Bank of Virginia (the "Bank"), announced today that the Federal Reserve Bank of Richmond and Virginia Bureau of Financial Institutions have terminated their Written Agreement with the Bank entered into in January 2010. At the end of 2010, Cordia assumed control of the Bank to pursue a strategy of improving the Bank's management and performance and to establish a foundation for organic and strategic growth centered on the Richmond, VA market.
Jack Zoeller, Chief Executive Officer of Cordia and the Bank, stated, "This vote of confidence from our regulators enables Cordia and Bank of Virginia to proceed to the next phase in our plan, which is to accelerate organic growth in the Richmond banking market and seek strategic growth through mergers and acquisitions. We have taken advantage of our opportunity during this difficult economic period to totally rebuild the Bank's management, processes and culture. Cordia Bancorp and Bank of Virginia are now well positioned to take yet another large step to benefit our customers and shareholders."
Mr. Zoeller added: "This is a significant milestone for our directors and management. They deserve high praise for their personal investments, time and dedication to the task of saving this institution – which was accomplished without any funds from the government or bailout by another bank or institution. We look forward to maintaining this same highly talented team to lead us through the next phase of our strategy."About Cordia Bancorp Cordia Bancorp Inc. is a public bank holding company founded in 2009 seeking to invest in undervalued community banks and pursue organic and strategic growth in the Mid-Atlantic banking market. Substantially all of the assets of Cordia consist of its investment in Bank of Virginia. Bank of Virginia provides retail banking services to individuals and commercial customers through four full-service and two ATM-only banking locations in the greater Richmond market, including Chesterfield and Henrico Counties and Colonial Heights, Virginia.