Bank of Virginia Shareholders Approve Share Exchange With Cordia Bancorp Inc.
Bank of Virginia Shareholders Approve Share Exchange With Cordia Bancorp Inc. MIDLOTHIAN, Va., March 27, 2013 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) (the "Bank") (www.bankofva.com), announced that its shareholders approved the Bank's pending reorganization as a wholly owned subsidiary of its majority shareholder, Cordia Bancorp Inc., at a special meeting held earlier today. 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 will be exchanged for 0.664 of a share of Cordia Bancorp common stock. The share exchange was previously approved by the shareholders of Cordia Bancorp. The share exchange is expected to be completed on March 29, 2013. Shares of Cordia Bancorp will commence trading on The Nasdaq Stock Market on Monday, April 1, 2013 under the symbol "BVA". Upon the closing of the reorganization, Cordia will have approximately 2,778,900 shares of common stock outstanding. 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. Forward-looking Statements This news release contains forward-looking statements. These forward-looking statements may include: management plans relating to the transactions; and the expected timing of the completion of the transactions. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Neither Cordia Bancorp nor Bank of Virginia assumes any duty and do not undertake to update forward-looking statements. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that Cordia Bancorp or Bank of Virginia anticipated in its forward-looking statements and future results could differ materially from historical performance. For any forward-looking statements made in this press release or in any documents, Cordia Bancorp and Bank of Virginia claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. DISCLAIMER 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 804-763-1333