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
 
Press spacebar to pause and continue. Press esc to stop.