Shareholders Approve Proposal for Annual Election of Directors
Selection of Young, Hyde & Barbour, P.C. as auditors of the Bank for 2010
Issuance of Common Stock to Cordia Bancorp, Inc.
MIDLOTHIAN, Va., July 23, 2010 (GLOBE NEWSWIRE) -- Bank of Virginia (Nasdaq:BOVA) (www.bankofva.com) held its annual meeting of shareholders on Tuesday, July 20, 2010 at the Holiday Inn Koger Center in Richmond, VA.
Frank Bell, III, President and Chief Executive Officer of Bank of Virginia and Kenneth P. Mulkey, Senior Vice President and Chief Financial Officer, provided a business and financial update to shareholders.
During the meeting, shareholders approved all items proposed for vote by the board of directors.
On a particular note, shareholders approved the proposal to issue common stock to Cordia Bancorp, Inc. The investment could be up to $15 million.
According to Frank Bell, President and Chief Executive Officer, "Management and the Board look forward to solidifying the partnership with Cordia Bancorp. We feel this partnership will bring not only additional financial resources, but will also bring considerable banking experience to the team."
Company Background
Bank of Virginia, a Virginia state chartered bank headquartered in Midlothian, Virginia, currently operates five full-service offices in the counties of Chesterfield and Henrico, Virginia. Bank of Virginia common stock is traded on the NASDAQ stock market under the quotation symbol "BOVA". Additional investor relations information can be found on the intranet at www.bankofva.com.
DISCLAIMER
This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank's periodic filings with the Board of Governors of the Federal Reserve System, including the Bank's annual report on Form 10-K as filed with the Board of Governors of the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.