Cordia Bancorp Receives Regulatory Approval to Purchase Majority Interest in Bank of Virginia
08 Dicembre 2010 - 11:30PM
Bank investment group Cordia Bancorp Inc. announced today that it
has received federal and state regulatory approval to complete its
acquisition of a majority interest in Bank of Virginia
(Nasdaq:BOVA). Under the terms of Cordia's agreement with Bank of
Virginia, Cordia may purchase up to an aggregate of 10,000,000
newly issued shares of common stock by September 30, 2011. The
purchase price is $2.00 per share, subject to adjustment as
provided in the amended stock purchase agreement dated October 1,
2010. Cordia anticipates investing at least $10,000,000 at the
initial closing, which is expected in the near future.
Cordia Bancorp was formed in Virginia in 2009 by a team of
former bank CEOs, directors and advisors seeking to invest in
undervalued community banks in the Mid-Atlantic and
Southeast.
Cordia has also received regulatory authorization to add six of
its principals to the Bank of Virginia board upon closing,
including Cordia's founding Chairman, Peter W. Grieve, and its
founding CEO, Jack Zoeller. Also joining the Bank of Virginia board
will be Cordia co-founders Bruce B. Nolte, former CEO of
TransCommunity Bank of Glen Allen, VA; Raymond H. Smith, Jr., CEO
of Smith, Brown & Groover Inc. and a founder of Rivoli Bank and
Trust of Macon, GA; Christopher G. Miller, a venture capital
executive and former director of two Richmond-area bank holding
companies; and John P. Wright, former bank analyst at Keefe,
Bruyette and Woods. Upon closing, the board of directors of Bank of
Virginia will have 11 members, including five directors currently
serving on the Bank's board.
Mr. Zoeller was approved by regulators to serve as the Bank's
Chairman and CEO and Mr. Nolte as its Executive Vice President and
General Counsel.
Jack Zoeller, Cordia Bancorp CEO, stated: "We are pleased
that we will be able to complete our investment in the Bank of
Virginia, which is a solid banking franchise in this highly
attractive Richmond market. Our short-term focus will be to improve
the bank's earnings and oversee its day-to-day banking activities,
while our long-term strategy is to substantially expand the bank's
regional franchise. We look forward to working together to
fulfill these objectives with our new partners at the Bank of
Virginia."
About Cordia Bancorp Inc.
Cordia Bancorp, incorporated in Virginia in 2009, is a private
bank holding company that will establish its headquarters in
Richmond, VA upon closing of the Bank of Virginia
transaction. Additional information can be found at
www.cordiabancorp.com.
CONTACT: Cordia Bancorp Inc.
Jack Zoeller, President & CEO
202-824-1436
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