Cordia Bancorp Inc. Shareholders Approve Merger With First Citizens Bank
11 Agosto 2016 - 1:00PM
First-Citizens Bank & Trust Company (First Citizens) and Cordia
Bancorp Inc. (Cordia) announced today that Cordia’s shareholders
have approved First Citizens’ pending acquisition of Cordia and its
Bank of Virginia subsidiary.
At a meeting held today, the shareholders of Midlothian,
Va.-based Cordia voted to approve the merger agreement with
Raleigh, N.C.-headquartered First Citizens. The merger has also
been approved by the Federal Deposit Insurance Corp. (FDIC) and the
North Carolina Commissioner of Banks. Subject to receipt of
approval by the Virginia Bureau of Financial Institutions and the
satisfaction or waiver of other customary closing conditions, the
merger is expected to become effective Aug. 31, 2016, or as soon as
practicable thereafter. Following the merger, Cordia and Bank of
Virginia will become First Citizens.
O.R. (Ed) Barham, president and CEO of Cordia and Bank of
Virginia, said: “Today’s vote marks an important milestone. We’re
pleased that our shareholders showed their strong support for the
merger and what it represents for our customers and the communities
we serve. We look forward to a smooth transition.”
Frank B. Holding Jr., chairman and CEO of First Citizens, said:
“We appreciate the positive reaction of Cordia’s shareholders, and
we’re enthusiastic about the opportunity to serve Bank of Virginia
customers. The values that underpin each bank make us very
compatible — with each other and with the customers who rely on us.
The pending merger will also give us the opportunity to build on
the foundations already established in the market.”
Bank of Virginia operates six full-service banking locations in
the greater Richmond market, including Chesterfield and Henrico
Counties, and Colonial Heights, Va. As of June 30, 2016, Cordia
reported $353.8 million in total assets, $296.1 million in deposits
and $251.5 million in loans.
After the merger, Bank of Virginia branch offices will open as
First Citizens branches. Customers should bank as they normally do
at their existing branches. Bank of Virginia customer accounts are
expected to be converted to First Citizens’ systems in 2017.
With regional headquarters in Roanoke, Va., First Citizens
currently operates 43 branches in Virginia, including one in
Midlothian and one at Short Pump in Richmond.
About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., First
Citizens Bank serves customers at more than 550 branches in 20
states. First Citizens Bank is a wholly owned subsidiary of First
Citizens BancShares Inc. (Nasdaq:FCNCA), which has $32 billion in
assets. For more information, call toll free 1.888.FC DIRECT
(1.888.323.4732) or visit firstcitizens.com. First Citizens Bank.
Forever First®.
About Cordia Bancorp and Bank of Virginia
Cordia Bancorp Inc. (Nasdaq:BVA) is the bank holding company for
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, Va.
Disclosures About Forward Looking
Statements
This Press Release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including Section 21E of the Securities Exchange Act of 1934
and Section 27A of the Securities Act of 1933. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially. For the
purposes of these discussions, any statements that are not
statements of historical fact may be deemed to be forward looking
statements. Such statements are often characterized by the use of
qualifying words such as “expects,” “anticipates,” “believes,”
“estimates,” “plans,” “projects,” or other statements concerning
opinions or judgments of Cordia Bancorp Inc., First Citizens Bank
and their managements about future events. The accuracy of such
forward-looking statements could be affected by factors including,
but not limited to, the satisfaction or waiver of the remaining
conditions to the consummation of the merger. Additional factors
that could cause actual results to differ materially from those
anticipated by forward-looking statements are discussed in Cordia
Bancorp’s and First Citizens BancShares’ filings with the SEC,
including without limitation their Proxy Statements, Annual Reports
on Form 10-K, Quarterly Reports on Form 10Q and Current Reports on
Form 8-K. Cordia Bancorp and First Citizens Bank undertake no
obligation to revise or update these statements following the date
of this Press Release.
Contacts:
Barbara Thompson
First Citizens Bank
919.716.2716
Mark Severson
Cordia Bancorp
804.763.1322
Cordia Bancorp Inc. (NASDAQ:BVA)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Cordia Bancorp Inc. (NASDAQ:BVA)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024