Cordia Bancorp Inc. Completes Share Exchange With Bank of Virginia
MIDLOTHIAN, Va., March 27, 2013 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc.
(Nasdaq:BVA) announced today that it has completed its share exchange with
Bank of Virginia (the "Bank") resulting in the Bank becoming a wholly owned
subsidiary of Cordia Bancorp. Under the terms of the Agreement and Plan of
Share Exchange between Cordia Bancorp and the Bank, each outstanding share of
Bank common stock owned by persons other than Cordia Bancorp have been
exchanged for 0.664 of a share of Cordia Bancorp common stock. Shares of
Cordia Bancorp are listed on The Nasdaq Stock Market on under the symbol
"BVA". As a result of the reorganization, Cordia has approximately 2,778,900
shares of common stock outstanding. Shareholders of the Bank will receive
information shortly on how to exchange their shares of Bank common stock for
shares of Cordia Bancorp common stock.
About Cordia Bancorp and Bank of Virginia
Cordia Bancorp is a private bank holding company founded in 2009 to bring new
leadership and financial strength to undervalued community banks.
Substantially all of the assets of Cordia consist of its investment in Bank of
Virginia. Bank of Virginia, a state chartered bank headquartered in
Midlothian, Virginia, currently operates four full-service offices in the
counties of Chesterfield and Henrico, Virginia. Additional investor relations
information can be found on the internet at www.bankofva.com. Bank of Virginia
is a member of the FDIC and Equal Housing Lender.
This news release may include forward-looking statements. These
forward-looking statements are based on current expectations that involve
risks, uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize or should underlying assumptions prove incorrect,
actual results may differ materially. These risks include: changes in business
or other market conditions; the timely development, production and acceptance
of new products and services; the challenge of managing asset/liability
levels; the management of credit risk and interest rate risk; the difficulty
of keeping expense growth at modest levels while increasing revenues; and
other risks detailed from time to time in the Bank's periodic filings with the
Board of Governors of the Federal Reserve System, including the Bank's annual
report on Form 10-K as filed with the Board of Governors of the Federal
Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the
Bank does not undertake to update forward-looking statements contained within
this news release.
CONTACT: Jack Zoeller,
Chairman & CEO, Bank of Virginia
President & CEO, Cordia Bancorp
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