Eastern Virginia Bankshares, Inc. has announced a definitive agreement to acquire Virginia Company Bank for approximately $9.6 million, aiming to expand its market presence in Virginia and enhance its service offerings.

Target Information

Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) is the parent company of EVB, a community bank that prides itself on providing dedicated services to its customers and stakeholders. The bank is set to acquire Virginia Company Bank (OTCQB: VGNA) in a definitive Agreement and Plan of Reorganization that facilitates their merger. This acquisition, valued at approximately $9.6 million, marks a significant step for EVBS as it aims to enhance its operational footprint within Virginia.

Virginia Company Bank has garnered a reputation for exceptional client service, bolstered by a strong leadership team led by President and CEO Mark C. Hanna. Upon the merger's completion, Virginia Company Bank will be integrated into EVB, with EVB remaining the surviving entity. Shareholders of Virginia Company Bank will have flexible options for their shares, allowing them to choose between cash or stock in the acquiring company.

Industry Overview

The banking industry in Virginia has seen consistent growth, attributed to a stable economy and increasing demand for banking services. The state hosts a diverse market ranging from community banks to larger financial inst