The Bank of Virginia branch at 10501 Patterson Ave.
Signing on the dotted line is all that stands between a Midlothian bank and its deal to be acquired later this week by a larger rival from North Carolina.
Bank of Virginia and its Cordia Bancorp holding company have received approval from the Virginia State Corporation Commission’s Bureau of Financial Institutions for their marriage with Raleigh-based First Citizens Bank & Trust.
The Aug. 18 SCC clearance was the last regulatory approval needed for the $35 million deal and followed previous green lights from the FDIC, North Carolina’s banking regulator and Cordia shareholders.
The companies said the transaction is expected to close Wednesday.
The all-cash deal was announced in May and will give Cordia shareholders $5.15 per share of Cordia stock they own. That amounts to a value of approximately $35 million, based on the number of outstanding Cordia shares.
The acquisition will allow First Citizens to raise its flag at Bank of Virginia’s six local branches, adding to First Citizens’ two existing Richmond locations in Short Pump and Midlothian. First Citizens will also take on Bank of Virginia’s $354 million in total assets and $296 million in deposits.
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. Cordia’s founding CEO Jack Zoeller moved on from the company just prior to the deal to spin off its student lending business.
The Bank of Virginia branch at 10501 Patterson Ave.
Signing on the dotted line is all that stands between a Midlothian bank and its deal to be acquired later this week by a larger rival from North Carolina.
Bank of Virginia and its Cordia Bancorp holding company have received approval from the Virginia State Corporation Commission’s Bureau of Financial Institutions for their marriage with Raleigh-based First Citizens Bank & Trust.
The Aug. 18 SCC clearance was the last regulatory approval needed for the $35 million deal and followed previous green lights from the FDIC, North Carolina’s banking regulator and Cordia shareholders.
The companies said the transaction is expected to close Wednesday.
The all-cash deal was announced in May and will give Cordia shareholders $5.15 per share of Cordia stock they own. That amounts to a value of approximately $35 million, based on the number of outstanding Cordia shares.
The acquisition will allow First Citizens to raise its flag at Bank of Virginia’s six local branches, adding to First Citizens’ two existing Richmond locations in Short Pump and Midlothian. First Citizens will also take on Bank of Virginia’s $354 million in total assets and $296 million in deposits.
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. Cordia’s founding CEO Jack Zoeller moved on from the company just prior to the deal to spin off its student lending business.