Cordia Bancorp to Initiate Stock Repurchase Program
20 Mayo 2015 - 4:00PM
Cordia Bancorp Inc. ("Cordia") (Nasdaq:BVA), the parent company of
Bank of Virginia, announced today that it has authorized a stock
repurchase program to acquire up to $500,000 of the Company's
outstanding common stock. Repurchases will be conducted through
open market purchases or through privately negotiated transactions.
Repurchases will be made from time to time depending on market
conditions and other factors.
"The Company has not been an active purchaser of its own
shares. However, we feel that current market conditions
present us with a good opportunity to use our capital for this
purpose," stated Jack Zoeller, the President and Chief Executive
Officer of Cordia. "Based on our current stock price, we
believe that the stock repurchase program is in the best interests
of Cordia and its stockholders."
About Cordia Bancorp and Bank of Virginia
Cordia Bancorp Inc. is a public bank holding company founded in
2009 seeking to invest in undervalued community banks and pursue
organic and strategic growth in the Mid-Atlantic banking
market. Substantially all of the assets of Cordia consist of
its investment in Bank of Virginia. Bank of Virginia provides
retail banking services to individuals and commercial customers
through six full-service banking locations in the greater Richmond
market, including Chesterfield and Henrico Counties and Colonial
Heights, Virginia. CordiaGrad is an affiliate providing
student loan refinancing with offices in Midlothian, VA and
Washington, DC.
For more information about Cordia Bancorp, Bank of Virginia and
CordiaGrad, visit our websites: www.cordiabancorp.com,
www.bankofva.com and www.cordiagrad.com.
Cautionary Notice Regarding Forward-Looking
Statements
The foregoing material may contain forward-looking statements
concerning the financial condition, results of operations and
business of the Company. We caution that such statements are
subject to a number of uncertainties and actual results could
differ materially and, therefore, readers should not place undue
reliance on any forward-looking statements. The Company does
not undertake, and specifically disclaims, any obligation to
publicly release the results of any revisions that may be made to
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements.
CONTACT: Mark A. Severson
Executive Vice President & Chief Financial Officer
(804) 763-1322
Cordia Bancorp Inc. (NASDAQ:BVA)
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