StellarOne Bank and Village Bank Announce Branch Purchase and Assumption Agreement
18 Janeiro 2013 - 7:00PM
StellarOne Corporation (Nasdaq:STEL) (StellarOne) and Village Bank
and Trust Financial Corp. (Nasdaq:VBFC) (Village) today jointly
announced that its banking subsidiaries, StellarOne Bank and
Village Bank, have entered into a purchase and assumption agreement
for StellarOne Bank to purchase the Village Bank branch located at
11450 Robious Road in Richmond, Virginia.
StellarOne Corporation is the Charlottesville, Virginia based
bank holding company for StellarOne Bank, and Village Bank and
Trust Financial Corp. is the Richmond, Virginia based bank holding
company for Village Bank.
StellarOne Bank will acquire deposits of approximately $21.6
million, loans of $12.2 million and real estate of $1.7 million
from Village Bank. The purchase price represents a 3.5% premium on
the deposits, par value on the loan portfolio and book value for
the real estate.
"This branch acquisition aligns with our previously announced
plans to develop a retail branch network in Richmond that will
support our established lines of business in Richmond and
complement our growth strategy," said Joshua M. Gehring, Senior
Executive Vice President and Director of Retail Banking for
StellarOne Bank. "This will represent our third site in Richmond,
with our Libbie and Patterson branch open and our Gayton Crossing
Branch to open in early April."
Thomas W. Winfree, President and CEO of Village Bank, stated
that, "This transaction affords Village Bank the opportunity to
focus its energies and deposit growth on its Chesterfield Towne
Center branch which is located approximately one mile from the
subject branch on Robious Road. With the sale of this branch,
Village Bank continues to have a significant presence in the
Richmond Metropolitan area with 13 branches that are well
positioned to service the Richmond market. This sale will not
affect the service to our current customer base and will reduce
overhead expenses."
The purchase is subject to customary closing conditions,
including regulatory approvals, and is expected to be completed in
March.
About StellarOne
StellarOne Corporation is a traditional community bank with
assets of $3 billion offering a full range of business and consumer
banking services, including trust and wealth management services.
Its sole banking subsidiary, StellarOne Bank, operates over 50
full-service financial centers, two loan production offices, and
over 60 ATMs serving the New River Valley, Roanoke Valley,
Shenandoah Valley, and Central and North Central Virginia.
About Village Bank and Trust Financial
Corp.
Village Bank and Trust Financial Corp. was organized under the
laws of the Commonwealth of Virginia as a bank holding company
whose activities consist of investment in its wholly-owned
subsidiary, Village Bank. Village Bank is a full-service
Virginia-chartered community bank headquartered in Midlothian,
Virginia with deposits insured by the Federal Deposit Insurance
Corporation. The Bank has thirteen branch offices. Village
Bank and its wholly-owned subsidiary, Village Bank Mortgage
Corporation, offer a complete range of financial products and
services, including commercial loans, consumer credit, mortgage
lending, checking and savings accounts, certificates of deposit,
and 24-hour banking.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements. The forward-looking statements
are subject to certain risks and uncertainties, which could cause
actual results to differ materially from historical results, or
those anticipated. When we use words such as "believes," "expects,"
"anticipates" or similar expressions, we are making forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect management's
analysis only as of the date thereof. StellarOne and Village wishes
to caution the reader that factors, such as those listed below, in
some cases have affected and could affect StellarOne's or Village's
actual results, causing actual results to differ materially from
those in any forward-looking statement. These factors include: (i)
expected cost savings from StellarOne's or Village's acquisitions
and dispositions, (ii) competitive pressure in the banking industry
or in StellarOne's or Village's markets may increase significantly,
(iii) changes in the interest rate environment may reduce margins,
(iv) general economic conditions, either nationally or regionally,
may be less favorable than expected, resulting in, among other
things, credit quality deterioration, (v) changes may occur in
banking legislation and regulation, (vi) changes may occur in
general business conditions, and (vii) changes may occur in the
securities markets, Please refer to StellarOne's or Village's
filings with the Securities and Exchange Commission for additional
information, which may be accessed at www.StellarOne.com or
www.villagebank.com.
CONTACT: Jeffrey W. Farrar, Executive Vice President and
Chief Financial Officer of StellarOne Corporation
(434) 964-2217
JFarrar@StellarOne.com
Thomas W. Winfree, President and
Chief Executive Officer of Village Bank
(804) 897-3900
twinfree@villagebank.com
Village Bank and Trust F... (NASDAQ:VBFC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Village Bank and Trust F... (NASDAQ:VBFC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024