updated 12/9/2010 2:15:21 AM ET 2010-12-09T07:15:21

RICHMOND, Va., Dec. 8, 2010 (GLOBE NEWSWIRE) -- 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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