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Regulatory approvals, meeting dates bring Community Bankers' mergers closer to completion
By Lisa Kerner
Charlotte, N.C., April 18 - Community Bankers Acquisition Corp. said it received the required regulatory approvals to acquire TransCommunity Financial Corp. and BOE Financial Services of Virginia, Inc.
Approvals were received from the Federal Reserve Bank of Richmond and the State Corporation Commission of the Commonwealth of Virginia, according to a Community Bankers news release.
Closing of the mergers is subject to shareholder approvals.
BOE Financial and Community Bankers shareholders will vote at separate special meetings on April 25, the release said. TransCommunity Financial shareholders will vote at a special meeting on April 28.
The management and boards of directors of all three companies recommend that shareholders vote in favor of the mergers.
In December, BOE Financial agreed to merge with and into Community Bankers in a deal valued at some $52 million, or a minimum of $42.50 per share.
BOE Financial shareholders will receive 5.7278 shares of Community Bankers common stock for each share of BOE Financial common stock held, according to a prior news release.
It was previously reported that TransCommunity Financial also entered into a plan of merger with Community Bankers. The BOE Financial merger is contingent on completion of the TransCommunity/Community Bankers transaction.
The resulting holding company will be named Community Bankers Trust Corp. and will be based in Glen Allen, Va., and led by Community Bankers president and chief executive officer Gary A. Simanson.
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 Financial is the holding company for Bank of Essex.
TransCommunity is a banking services company located in Glen Allen, Va.
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