Raleigh’s First Citizens buying Virginia bank
RALEIGH, N.C. (WNCN) – First-Citizens Bank & Trust Company is acquiring a Virginia bank, the companies announced Friday.
Cordia Bancorp provides retail and commercial banking products and services through its subsidiary, Bank of Virginia.
The agreement provides for the acquisition of Midlothian, Va.-based Cordia Bancorp by First Citizens Bank, which is headquartered in Raleigh. The announcement was made jointly by Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, and O.R. (Ed) Barham Jr., president and chief executive officer of Cordia Bancorp and Bank of Virginia.
The agreement has been approved by the boards of directors of both companies. The transaction is expected to close no later than the fourth quarter of 2016, subject to the receipt of regulatory approvals and the approval of Cordia Bancorp shareholders.
Under the terms of the agreement, cash consideration of $5.15 will be paid to the shareholders of Cordia Bancorp for each of their