Hampton Roads, Gateway Financial merger on track to close Dec. 31

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Shareholders of Hampton Roads Bankshares, Inc. and Gateway Financial Holdings, Inc. approved a merger of the two companies at separate special meetings on Thursday.

The transaction is expected to close on Dec. 31, the companies said.

In September, Hampton Roads agreed to acquire Gateway Financial for $101 million in a deal that gives Gateway Financial shareholders 0.67 shares of Hampton Roads common stock for each share of Gateway Financial owned, it was reported previously.

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.

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