BOE Financial Services shareholders say 'yes' to merger with Community Bankers

By Lisa Kerner

Charlotte, N.C., May 21 - BOE Financial Services of Virginia, Inc. said holders of 73.76% of its outstanding shares voted to approve the company's merger with Community Bankers Acquisition Corp. at its special meeting held Wednesday.

The meeting was adjourned from April 25, a BOE Financial news release said.

Community Bankers adjourned its special meeting to vote on the BOE Financial merger until Friday.

In December, BOE Financial agreed to merge with and into Community Bankers in a deal valued at some $52 million, or a minimum of $42.50 per share, it was previously reported.

BOE Financial shareholders will receive 5.7278 shares of Community Bankers common stock for each share of BOE Financial common stock held, according to a prior news release.

TransCommunity Financial Corp. also entered into a plan of merger with Community Bankers. The BOE Financial merger is contingent on completion of the TransCommunity/Community Bankers transaction.

The resulting holding company will be named Community Bankers Trust Corp. and will be based in Glen Allen, Va., and led by Community Bankers president and chief executive officer Gary A. Simanson.

Based in Tappahannock, Va., BOE Financial is the holding company for Bank of Essex.

Community Bankers is a blank check company formed in 2005 to acquire a commercial bank. It is based in Great Falls, Va.

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