Colonial Virginia Bank (CVB) was merged into Xenith Bank, a subsidiary of Xenith Bankshares, Inc., which announced the acquisition on 1 July 2014.
The acquirer will continue to run CVB’s operations of one loan production office and two full-service banking offices; the former in Yorktown, Virginia and the latter in Gloucester, Virginia.
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From now on, all CVB customers will be Xenith Bank customers, but the name Colonial Virginia Bank will persist for all CVB branches for an indefinite period.
The agreement terms of the deal ensured that for one share of CVB common stock that they held, CVB shareholders got 2.65 shares of the common stock of Xenith Bankshares.
As of 31 March 2014, reports reveal that after the merger, the bank possessed around $803 million in total assets, $674 million in deposits, $632 million in loans net of allowances for loan and lease losses, and $100 million in total equity capital.
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