Hampton Roads Bankshares, Gateway Financial combine

By Lisa Kerner

Charlotte, N.C., Dec. 31 - Hampton Roads Bankshares, Inc. said it closed its merger with Gateway Financial Holdings, Inc. on Dec. 31.

In September, Hampton Roads agreed to acquire Gateway Financial for $101 million in a deal that gives Gateway Financial shareholders 0.67 shares of Hampton Roads common stock for each share of Gateway Financial owned, it was reported previously.

Gateway Financial's previously wholly owned subsidiary, Gateway Bank & Trust Co., will operating as a separate subsidiary of Hampton Roads.

Hampton Roads, located in Norfolk, Va., is the financial holding company for Bank of Hampton Roads and Shore Bank.

Gateway Financial, located in Virginia Beach, is the financial holding company for Gateway Bank & Trust, a regional community bank.

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