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RICHMOND, Va., July 1, 2014 (GLOBE NEWSWIRE) -- Xenith Bankshares, Inc. (Nasdaq:XBKS), parent company of Xenith Bank, today announced the completion of its acquisition of Colonial Virginia Bank ("CVB"), whereby CVB was merged with and into Xenith Bank. Xenith Bank will continue to operate CVB's two full-service banking offices in Gloucester, Virginia, and one loan production office in Yorktown, Virginia. Today, all CVB customers become customers of Xenith Bank; however, the CVB branches will continue to operate under the name Colonial Virginia Bank for an undetermined period of time.
Under the terms of the merger agreement, CVB shareholders received 2.65 shares of Xenith Bankshares' common stock for each share of CVB common stock that they own.
"We are pleased to grow and expand our competitive position in the Greater Hampton Roads, Virginia region, which is one of our target markets," said T. Gaylon Layfield, III, President and Chief Executive Officer of Xenith Bankshares. "We welcome the CVB customers and our new colleagues to Xenith. We are also pleased with the confidence the former CVB shareholders have placed in Xenith. This acquisition enables us to leverage the infrastructure we have developed over the last several years to support a strong Virginia-based regional bank."
Based on reported amounts as of March 31, 2014, the combined bank would have had approximately $803 million in total assets, $632 million in loans net of allowances for loan and lease losses, and $674 million in deposits and $100 million in total equity capital.
About Xenith Bankshares, Inc.
Xenith Bankshares, Inc. is the holding company for Xenith Bank. Xenith Bank is a full-service, locally-managed commercial bank, specifically targeting the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients, and select retail banking clients. As of March 31, 2014, the company had total assets of $684 million, loans net of allowances for loan and lease losses of $559 million, total deposits of $570 million and total shareholders' equity of $89 million. Xenith Bank's target markets are the Greater Washington, DC, Richmond, VA, and the Greater Hampton Roads, VA metropolitan statistical areas. The company is headquartered in Richmond, Virginia and currently has eight branch locations in Tysons Corner, Richmond, Suffolk, and Gloucester, Virginia. Xenith Bankshares common stock trades on the NASDAQ Capital Market under the symbol "XBKS."