Hampton Roads acquisition of Shore Financial gets shareholder OK; merger to close June 2

By Angela McDaniels

Tacoma, Wash., May 22 - Shareholders of Hampton Roads Bankshares, Inc. and Shore Financial Corp. approved the merger of the companies at separate meetings Thursday, according to a joint news release.

The merger has also been approved by the boards of both companies, by the Federal Reserve Bank and by the Virginia State Corporation Commission's Bureau of Financial Institutions.

Plans for the transaction were announced in January, and it is scheduled to close on June 2.

Shore Financial will be merged with and into Hampton Roads. For each share held, Shore Financial shareholders will receive $22 in cash, 1.8 shares of Hampton Roads common stock or a combination of cash and shares.

Onley, Va.-based Shore Financial is the holding company for Shore Bank.

Hampton Roads Bankshares is the financial holding company for the Bank of Hampton Roads. The company is based in Norfolk, Va.

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