Hampton Roads Bankshares, Gateway Financial merger receives approvals; shareholders to vote Thursday

By Lisa Kerner

Charlotte, N.C., Dec. 17 - The proposed merger of Hampton Roads Bankshares, Inc. and Gateway Financial Holdings, Inc. received approvals from the Federal Reserve Bank of Richmond, the Virginia State Corporation Commission and the North Carolina Commissioner of Banks, the companies announced on Wednesday.

In September, Hampton Roads agreed to acquire Gateway Financial for $101 million.

The companies' definitive agreement gives Gateway Financial shareholders 0.67 shares of Hampton Roads common stock for each share of Gateway Financial owned, it was reported previously.

Shareholders of both companies will be asked to approve the merger at separate meetings on Thursday.

Hampton Roads, located in Norfolk, Va., is the financial holding company for Bank of Hampton Roads and Shore Bank.

Gateway Financial, located in Virginia Beach, is the financial holding company for Gateway Bank & Trust, a regional community bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.