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TransCommunity Financial shareholder to vote in favor of company's merger with Community Bankers
By Lisa Kerner
Charlotte, N.C., March 20 - TransCommunity Financial Corp. investor Northaven Management, Inc. will vote its 457,000 shares in favor of the company's merger with Community Bankers Acquisition Corp.
Northaven Management president Richard Brown, in a letter to TransCommunity, said Northaven overcame its prior objection to the deal after analyzing the effects of the subsequently announced merger of Community Bankers with BOE Financial Services of Virginia, Inc.
Northaven's letter was included in a schedule 13D filing with the Securities and Exchange Commission.
In addition, Northaven discussed the proposed mergers with management of all three companies as well as with other institutional shareholders of TransCommunity, the letter said.
According to the filing, Northaven may seek to meet with TransCommunity's board or management or other shareholders to discuss the company's business plan and strategic direction.
Brown sent a letter on Oct. 12 to TransCommunity indicating Northaven would vote against the transaction.
In December, BOE Financial agreed to merge with and into Community Bankers for a per-share price of no less than $42.50 in a deal valued at some $52 million.
Under the companies' definitive agreement, BOE shareholders will receive 5.7278 shares of Community Bankers common stock for each share of BOE common stock held.
It was previously reported that the BOE merger is contingent on completion of the TransCommunity/Community Bankers transaction. Both mergers are slated to close in the second quarter.
Community Bankers is a "blank check" company formed in 2005 to acquire a commercial bank. It is based in Great Falls, Va.
Based in Tappahannock, Va., BOE is the holding company for Bank of Essex.
TransCommunity is a banking services company located in Glen Allen, Va.
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