MIDLOTHIAN, Va., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) () 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 .
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