The Bank of Virginia branch at 10501 Patterson Ave.
The Richmond market’s third bank acquisition of 2016 is complete.
Midlothian-based Bank of Virginia and its parent company Cordia Bancorp have been absorbed by First Citizens Bank & Trust, a $31 billion bank out of Raleigh.
The deal was consummated at 11:59 p.m. on Aug. 31. The $35 million all-cash acquisition gave Cordia stockholders $5.15 for each Cordia share they owned.
First Citizens woke up this morning with an immediately larger presence in the Richmond market by adding Bank of Virginia’s six local branches to its two existing Richmond locations in Short Pump and Midlothian.
It also gives First Citizens a significant bump in its share of local deposits. The company controlled about $91 million in local deposits as of last year between its two area branches, according to the most recent available figures from the FDIC. Adding Bank of Virginia’s $286 million in deposits brings First Citizens local total to about $377 million, a bump that will likely shoot into the top 15 for Richmond market share.
Bank of Virginia had $354 million in total assets.
Frank Holding Jr., First Citizens’ current CEO, will continue in that role in the combined company.
Neither company has said what role Cordia CEO Ed Barham might have in the organization after the deal closes.
Two other locally based banks have closed mergers and acquisitions this year. Richmond-based Xenith Bank’s $175 million combination into Hampton Roads Bankshares created a $3 billion institution that’s headquartered in Richmond. Park Sterling Bank’s $87 million purchase of Glen Allen-based First Capital Bank closed at the first of the year. That deal has since led to a legal dispute between First Capital’s former CEO and Park Sterling.
The Bank of Virginia branch at 10501 Patterson Ave.
The Richmond market’s third bank acquisition of 2016 is complete.
Midlothian-based Bank of Virginia and its parent company Cordia Bancorp have been absorbed by First Citizens Bank & Trust, a $31 billion bank out of Raleigh.
The deal was consummated at 11:59 p.m. on Aug. 31. The $35 million all-cash acquisition gave Cordia stockholders $5.15 for each Cordia share they owned.
First Citizens woke up this morning with an immediately larger presence in the Richmond market by adding Bank of Virginia’s six local branches to its two existing Richmond locations in Short Pump and Midlothian.
It also gives First Citizens a significant bump in its share of local deposits. The company controlled about $91 million in local deposits as of last year between its two area branches, according to the most recent available figures from the FDIC. Adding Bank of Virginia’s $286 million in deposits brings First Citizens local total to about $377 million, a bump that will likely shoot into the top 15 for Richmond market share.
Bank of Virginia had $354 million in total assets.
Frank Holding Jr., First Citizens’ current CEO, will continue in that role in the combined company.
Neither company has said what role Cordia CEO Ed Barham might have in the organization after the deal closes.
Two other locally based banks have closed mergers and acquisitions this year. Richmond-based Xenith Bank’s $175 million combination into Hampton Roads Bankshares created a $3 billion institution that’s headquartered in Richmond. Park Sterling Bank’s $87 million purchase of Glen Allen-based First Capital Bank closed at the first of the year. That deal has since led to a legal dispute between First Capital’s former CEO and Park Sterling.