Virginia Bank Holding Companies Hampton Roads Bankshares, Xenith Win Shareholder Nods for Merger.
M2 EQUITYBITES-July 29, 2016-Virginia Bank Holding Companies Hampton Roads Bankshares, Xenith Win Shareholder Nods for Merger
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29 July 2016 - Shareholders of Virginia, US-based bank holding companies Hampton Roads Bankshares, Inc. (NASDAQ: HMPR) and Xenith Bankshares, Inc. (NASDAQ: XBKS) have approved the proposed merger of XBKS and HRB and certain related matters at special meetings held this week, the companies said.
Upon the completion of the proposed transaction, XBKS will merge with and into HRB and Xenith Bank will merge with and into BOHR.
Hampton Roads Bankshares is the holding company for The Bank of Hampton Roads, while Xenith is the holding company for Xenith Bank.
In connection with the merger, HRB's shareholders also approved a name change for the combined company, which will assume the Xenith Bankshares, Inc. name for the holding company and the Xenith Bank name for all banking operations.
Headquarters for the combined company will be in Richmond, Virginia and commencing August 1, 2016, shares of the combined company will trade on the NASDAQ Stock Market under the symbol "XBKS."
As of March 31, 2016, Hampton Roads had total assets of USD 2.040bn, total deposits of USD 1.684bn and total shareholders' equity of USD 293.6m.
Currently, BOHR operates 17 full-service offices in the Hampton Roads region of southeastern Virginia, 10 full-service offices throughout Richmond, Virginia and the Northeastern and Research Triangle regions of North Carolina that do business as Gateway Bank and 7 full-service offices on the Eastern Shore of Virginia and in Maryland and 4 loan production offices in Maryland, Delaware and Virginia that do business as Shore Bank.
Through various divisions, BOHR also offers mortgage banking and marine financing.
As of June 30, 2016 Xenith had total assets of USD 1.07bn, total deposits of USD 917.4m, and total shareholders' equity of USD 108.4m.
Xenith Bank's target markets are Greater Washington, DC, Richmond, Virginia, and Greater Hampton Roads, Virginia metropolitan statistical areas.
The company is headquartered in Richmond, Virginia and currently has eight branch locations in Herndon, Richmond, Suffolk and Gloucester, Virginia, and one loan production office in Newport News, Virginia.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 29, 2016|
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