Colonial Virginia Bank’s branch in Gloucester (Photo courtesy of Colonial Virginia Bank.)
A local bank is one step away from sealing the deal on its latest acquisition.
Xenith Bank got the green light last month from the state for its pending deal to buy Gloucester-based Colonial Virginia Bank, a transaction valued at approximately $9.7 million.
The approval from the Virginia Bureau of Financial Institutions follows the blessing given to the deal by the Federal Reserve Bank of Richmond in April.
With state and federal approval in place, all that’s left is a vote in favor from the shareholders of Colonial Virginia Bank. As part of the deal, CVB shareholders will receive 2.65 shares of Xenith stock for each CVB share they own.
A shareholder meeting is scheduled for June 12. Xenith said it expects to complete the merger by June 30.
The deal, first announced in late March, will merge CVB into Xenith. It marks Xenith’s fourth merger or acquisition since it was founded in 2009.
The addition of CVB’s $115 million in assets will bring Xenith to nearly $800 million in total assets, nearly triple the size it was when it closed two big deals in the summer of 2011.
Xenith will take on CVB’s $71 million loan portfolio and $99 million deposit base, as well as the bank’s two branches in Gloucester and loan production office in Yorktown. That will help Xenith expand closer to the Peninsula side of the attractive Hampton Roads market.
Those offices will join Xenith’s branches in Richmond, Suffolk and Northern Virginia. The bank is headquartered downtown in One James Center.
Colonial Virginia Bank’s branch in Gloucester (Photo courtesy of Colonial Virginia Bank.)
A local bank is one step away from sealing the deal on its latest acquisition.
Xenith Bank got the green light last month from the state for its pending deal to buy Gloucester-based Colonial Virginia Bank, a transaction valued at approximately $9.7 million.
The approval from the Virginia Bureau of Financial Institutions follows the blessing given to the deal by the Federal Reserve Bank of Richmond in April.
With state and federal approval in place, all that’s left is a vote in favor from the shareholders of Colonial Virginia Bank. As part of the deal, CVB shareholders will receive 2.65 shares of Xenith stock for each CVB share they own.
A shareholder meeting is scheduled for June 12. Xenith said it expects to complete the merger by June 30.
The deal, first announced in late March, will merge CVB into Xenith. It marks Xenith’s fourth merger or acquisition since it was founded in 2009.
The addition of CVB’s $115 million in assets will bring Xenith to nearly $800 million in total assets, nearly triple the size it was when it closed two big deals in the summer of 2011.
Xenith will take on CVB’s $71 million loan portfolio and $99 million deposit base, as well as the bank’s two branches in Gloucester and loan production office in Yorktown. That will help Xenith expand closer to the Peninsula side of the attractive Hampton Roads market.
Those offices will join Xenith’s branches in Richmond, Suffolk and Northern Virginia. The bank is headquartered downtown in One James Center.