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Hampton Roads Bankshares and Xenith Bankshares to create $2.9 billion bank

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Staff writer ▼ | February 11, 2016
Hampton Roads Bankshares, the holding company for the Bank of Hampton Roads, and Xenith Bankshares, the holding company for Xenith Bank, jointly announced that they will merge.
Hampton Roads
Merger   Combined deposits will be $2.5 billion
The combined company will trade on the Nasdaq under the symbol XBKS.
The transaction has been unanimously approved by the boards. The combination, with pro forma total assets of $2.9 billion and combined deposits of $2.5 billion, will create the second-largest community bank by deposits in the Virginia Beach/Norfolk/Newport News MSA and the fifth-largest community bank by deposits in the Commonwealth of Virginia.

Under the terms of the agreement, Xenith shareholders will receive 4.4 shares of HRB common stock for each share of Xenith common stock.

Based on the closing price of the HRB’s common stock on February 10, 2016, the transaction will be valued at approximately $107.2 million. Upon closing, HRB shareholders and Xenith shareholders will own approximately 74% and 26%, respectively, of the stock in the combined company.

The combined company, which will adopt the Xenith Bankshares name for the holding company and the Xenith Bank name for all banking operations, will be governed by a 13 person board, consisting of 8 directors from HRB and 5 directors from Xenith.

Headquarters for the combined organization will be in Richmond, Virginia. The combined company will trade on the Nasdaq under the symbol XBKS.


 

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