Xenith Bankshares, Inc. Announces Completion of Colonial Virginia Bank Acquisition
July 01 2014 - 8:07AM
Xenith Bankshares, Inc. (Nasdaq:XBKS), parent company of Xenith
Bank, today announced the completion of its acquisition of Colonial
Virginia Bank ("CVB"), whereby CVB was merged with and into Xenith
Bank. Xenith Bank will continue to operate CVB's two full-service
banking offices in Gloucester, Virginia, and one loan production
office in Yorktown, Virginia. Today, all CVB customers become
customers of Xenith Bank; however, the CVB branches will continue
to operate under the name Colonial Virginia Bank for an
undetermined period of time.
Under the terms of the merger agreement, CVB shareholders
received 2.65 shares of Xenith Bankshares' common stock for each
share of CVB common stock that they own.
"We are pleased to grow and expand our competitive position in
the Greater Hampton Roads, Virginia region, which is one of our
target markets," said T. Gaylon Layfield, III, President and Chief
Executive Officer of Xenith Bankshares. "We welcome the CVB
customers and our new colleagues to Xenith. We are also pleased
with the confidence the former CVB shareholders have placed in
Xenith. This acquisition enables us to leverage the
infrastructure we have developed over the last several years to
support a strong Virginia-based regional bank."
Based on reported amounts as of March 31, 2014, the combined
bank would have had approximately $803 million in total assets,
$632 million in loans net of allowances for loan and lease losses,
and $674 million in deposits and $100 million in total equity
capital.
About Xenith Bankshares, Inc.
Xenith Bankshares, Inc. is the holding company for Xenith Bank.
Xenith Bank is a full-service, locally-managed commercial bank,
specifically targeting the banking needs of middle market and small
businesses, local real estate developers and investors, private
banking clients, and select retail banking clients. As of
March 31, 2014, the company had total assets of $684 million, loans
net of allowances for loan and lease losses of $559 million, total
deposits of $570 million and total shareholders' equity of $89
million. Xenith Bank's target markets are the Greater Washington,
DC, Richmond, VA, and the Greater Hampton Roads, VA metropolitan
statistical areas. The company is headquartered in Richmond,
Virginia and currently has eight branch locations in Tysons Corner,
Richmond, Suffolk, and Gloucester, Virginia. Xenith Bankshares
common stock trades on the NASDAQ Capital Market under the symbol
"XBKS."
For more information about Xenith Bankshares and Xenith Bank,
visit our website: https://www.xenithbank.com/.
All statements other than statements of historical facts
contained in this press release are forward-looking statements.
Forward-looking statements made in this press release reflect
beliefs, assumptions and expectations of future events or results,
taking into account the information currently available to Xenith
Bankshares, Inc. These beliefs, assumptions and expectations may
change as a result of many possible events, circumstances or
factors, not all of which are currently known to Xenith Bankshares.
If a change occurs, Xenith Bankshares' business, financial
condition, liquidity, results of operations and prospects may vary
materially from those expressed in, or implied by, the
forward-looking statements. Accordingly, you should not place undue
reliance on these forward-looking statements. Factors that may
cause actual results to differ materially from those
contemplated by these forward-looking statements include the risks
discussed in Xenith Bankshares' public filings with the Securities
and Exchange Commission (the "SEC"), including those outlined
in Part I, Item 1A, "Risk Factors" of the Annual Report on
Form 10-K for the year ended December 31, 2013, and under "Risk
Factors" in Xenith Bankshares' proxy statement/prospectus
(Registration No. 333-195108) that was filed with the SEC on
April 30, 2014 in connection with the merger of CVB with and into
Xenith Bank. Except as required by applicable law or regulations,
Xenith Bankshares does not undertake, and specifically disclaims
any obligation, to update or revise any forward-looking
statement.
CONTACT: Thomas W. Osgood
Executive Vice President and
Chief Financial Officer, Chief Administrative Officer
and Treasurer
(804)433-2209
tosgood@xenithbank.com
Xenith Bankshares, Inc. NEW (NASDAQ:XBKS)
Historical Stock Chart
From Jul 2024 to Aug 2024
Xenith Bankshares, Inc. NEW (NASDAQ:XBKS)
Historical Stock Chart
From Aug 2023 to Aug 2024