Bank of Virginia Shareholders Approve Revised Agreement With Cordia
23 Novembre 2010 - 12:00AM
Bank of Virginia (Nasdaq:BOVA) (www.bankofva.com) held a special
meeting of shareholders on Wednesday, November 17, 2010 in
Richmond, VA.
During the meeting, shareholders approved the issuance of common
stock to Cordia Bancorp Inc, pursuant to an amended stock purchase
agreement. Cordia's initial investment in the Bank's common stock
has been increased to $10 million, and its potential total
investment has been increased to $20 million. Additionally, as the
result of additional charge offs and increased provision for loan
loss during the third quarter, the per share purchase price has
been reduced to $2.00 per share, subject to potential adjustment
pursuant to the amended agreement.
According to Frank Bell, President and Chief Executive Officer,
"The Bank and Cordia remain committed to finalizing the transaction
and look forward to solidifying the relationship. We are
enthusiastic about the partnership with Cordia and remain
optimistic that the necessary regulatory approvals will be received
in the near future."
Bank of Virginia operates five full-service branch offices in
Chesterfield County and Henrico County in Virginia. Bank of
Virginia common stock is traded on the NASDAQ stock market under
the quotation symbol "BOVA". Additional investor relation
information can be found on the internet at www.bankofva.com.
DISCLAIMER
This news release may include forward-looking statements. These
forward-looking statements are based on current expectations that
involve risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize or should underlying
assumptions prove incorrect, actual results may differ materially.
These risks include: changes in business or other market
conditions; the timely development, production and acceptance of
new products and services; the challenge of managing
asset/liability levels; the management of credit risk and interest
rate risk; the difficulty of keeping expense growth at modest
levels while increasing revenues; and other risks detailed from
time to time in the Bank's periodic filings with the Board of
Governors of the Federal Reserve System, including the Bank's
annual report on Form 10-KSB as filed with the Board of Governors
of the Federal Reserve. Pursuant to the Private Securities
Litigation Reform Act of 1995, the Bank does not undertake to
update forward-looking statements contained within this news
release.
CONTACT: Bank of Virginia
Frank Bell, III, President & Chief Executive Officer
804-763-1333
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