Bay Banks of Virginia (BAYK)
The parent of Virginia Commonwealth Bank filed an amendment to its pending agreement to be acquired by Blue Ridge Bankshares of Charlottesville. The amendment states that, upon completion of the merger, the boards of directors of Blue Ridge and Blue Ridge Bank will be fixed at 15 directors, rather than the 13 that was initially agreed upon. Click here for a full explanation.
The Board of Directors’s compensation and benefits committee approved a one-time restricted stock unit award to the company’s executives. President and CEO Douglas A. Pertz received $2 million. See here for more information.
Community Bankers Trust (ESXB)
The parent of Essex Bank announced that Patricia Davis, the bank’s chief credit officer, will resign effective Feb. 28, 2021. The company said her decision to resign is due to a relocation outside of the bank’s market area for family reasons. It plans to conduct an internal and external search for her replacement.
Executive chairman Thomas F. Farrell II sold 50,000 shares at about $76 per share for a total of $3.8 million. Farrell still directly owns 901,144 shares of common stock.
Kinsale Capital Group (KNSL)
The insurer announced the appointment of Teresa P. Chia and Robert (Trey) V. Hatcher III to its board of directors, effective Jan. 1, 2021. Chia is managing director at White Mountains Capital LLC, a subsidiary of White Mountains Insurance Group. She received a B.A. in economics from Wellesley College and an M.B.A. from Harvard Business School. Hatcher has more than 40 years of insurance industry experience and has served as vice chairman of Willis Re Inc., a reinsurance division of Willis Towers Watson. He’s a graduate of Hampden-Sydney College. The appointments increase Kinsale’s total board membership from seven to nine.
The plastic and aluminum parts manufacturer recently announced the board of directors has declared a special dividend of $200 million, or $5.97 per share, on the company’s common stock. The special dividend is payable on Dec. 18. See here for the full announcement.
Village Bank and Trust Financial (VBFC)
The bank said director Charles E. Walton will retire from the board at year’s end. Walton has been a director since 2008 when Village merged with River City Bank.