Bank of Virginia Shareholders Approve Share Exchange With Cordia Bancorp Inc.
28 March 2013 - 10:16AM
Bank of Virginia (Nasdaq:BOVA) (the "Bank") (www.bankofva.com),
announced that its shareholders approved the Bank's pending
reorganization as a wholly owned subsidiary of its majority
shareholder, Cordia Bancorp Inc., at a special meeting held earlier
today. Under the terms of the Agreement and Plan of Share Exchange
between Cordia Bancorp and the Bank, each outstanding share of Bank
common stock owned by persons other than Cordia Bancorp will be
exchanged for 0.664 of a share of Cordia Bancorp common stock. The
share exchange was previously approved by the shareholders of
Cordia Bancorp. The share exchange is expected to be completed on
March 29, 2013. Shares of Cordia Bancorp will commence trading on
The Nasdaq Stock Market on Monday, April 1, 2013 under the symbol
"BVA". Upon the closing of the reorganization, Cordia will have
approximately 2,778,900 shares of common stock outstanding.
About Cordia Bancorp and Bank of Virginia
Cordia Bancorp is a private bank holding company founded in 2009
to bring new leadership and financial strength to undervalued
community banks. Substantially all of the assets of Cordia consist
of its investment in Bank of Virginia. Bank of Virginia, a state
chartered bank headquartered in Midlothian, Virginia, currently
operates four full-service offices in the counties of Chesterfield
and Henrico, Virginia. Additional investor relations information
can be found on the internet at www.bankofva.com. Bank of Virginia
is a member of the FDIC and Equal Housing Lender.
Forward-looking Statements
This news release contains forward-looking statements. These
forward-looking statements may include: management plans relating
to the transactions; and the expected timing of the completion of
the transactions. Forward-looking statements are typically
identified by words such as "believe," "expect," "anticipate,"
"intend," "outlook," "estimate," "forecast," "project" and other
similar words and expressions. Forward-looking statements are
subject to numerous assumptions, risks and uncertainties, which
change over time. Forward-looking statements speak only as of the
date they are made. Neither Cordia Bancorp nor Bank of Virginia
assumes any duty and do not undertake to update forward-looking
statements. Because forward-looking statements are subject to
assumptions and uncertainties, actual results or future events
could differ, possibly materially, from those that Cordia Bancorp
or Bank of Virginia anticipated in its forward-looking statements
and future results could differ materially from historical
performance. For any forward-looking statements made in this press
release or in any documents, Cordia Bancorp and Bank of Virginia
claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
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-K 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: Jack Zoeller,
Chairman & CEO, Bank of Virginia
President & CEO, Cordia Bancorp
804-763-1333
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