EVB has finalized a deal to buy a $100 million bank. Photo by Michael Schwartz.
A local bank has officially bought its way into Hampton Roads.
EVB and its parent company have completed the acquisition of Newport News-based Virginia Company Bank. The deal, valued at $9.6 million, officially closed on Nov. 14, EVB chief executive Joe Shearin said.
“We were very excited about getting it over the goal line,” Shearin said.
Joe Shearin
The deal combines VCB’s $100 million in assets into EVB’s $1 billion in total assets. EVB also takes on VCB branches in Williamsburg, Newport News and Hampton, giving the Tappahannock-based bank its first presence in the Hampton Roads market. The two banks have 24 branches total.
The acquisition was first announced in May and was paid for through a combination of cash and stock. Former VCB chief executive Mark Hanna stayed on as part of the deal and is now head of EVB’s Tidewater region. EVB also added VCB board member John Biagas to its board of directors.
The Virginia Company Bank brand will for now remain as a division of EVB. It will be phased out in favor of the EVB brand as the two banks integrate all their operations and back-office systems early next year.
The deal’s completion marks the latest in a series of steps EVB has made to put its problems from the downturn firmly in the rearview mirror. Those steps began last year with a $50 million capital raise and continued last month when it bought back $10 million worth of its TARP shares from a private investor.
This is the second local banking M&A deal to be completed this year. Xenith Bank acquired Colonial Virginia Bank in Gloucester in a $9.7 million deal in July. Still pending is a $275 million deal through which TowneBank will acquire Richmond-based Franklin Federal Savings Bank.
EVB has finalized a deal to buy a $100 million bank. Photo by Michael Schwartz.
A local bank has officially bought its way into Hampton Roads.
EVB and its parent company have completed the acquisition of Newport News-based Virginia Company Bank. The deal, valued at $9.6 million, officially closed on Nov. 14, EVB chief executive Joe Shearin said.
“We were very excited about getting it over the goal line,” Shearin said.
Joe Shearin
The deal combines VCB’s $100 million in assets into EVB’s $1 billion in total assets. EVB also takes on VCB branches in Williamsburg, Newport News and Hampton, giving the Tappahannock-based bank its first presence in the Hampton Roads market. The two banks have 24 branches total.
The acquisition was first announced in May and was paid for through a combination of cash and stock. Former VCB chief executive Mark Hanna stayed on as part of the deal and is now head of EVB’s Tidewater region. EVB also added VCB board member John Biagas to its board of directors.
The Virginia Company Bank brand will for now remain as a division of EVB. It will be phased out in favor of the EVB brand as the two banks integrate all their operations and back-office systems early next year.
The deal’s completion marks the latest in a series of steps EVB has made to put its problems from the downturn firmly in the rearview mirror. Those steps began last year with a $50 million capital raise and continued last month when it bought back $10 million worth of its TARP shares from a private investor.
This is the second local banking M&A deal to be completed this year. Xenith Bank acquired Colonial Virginia Bank in Gloucester in a $9.7 million deal in July. Still pending is a $275 million deal through which TowneBank will acquire Richmond-based Franklin Federal Savings Bank.