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Community Bankers set to close mergers with TransCommunity, BOE Financial on May 31
By Lisa Kerner
Charlotte, N.C., May 30 - Community Bankers Acquisition Corp. shareholders approved the company's merger with TransCommunity Financial Corp. and with BOE Financial Services of Virginia, Inc., the company announced on Friday.
At the company's annual meeting, holders of about 75% of Community Bankers' common stock voted in favor of the TransCommunity merger, while holders of about 63% of the company's outstanding common stock voted in favor of the BOE Financial deal at a separate special meeting, Community Bankers said.
Both the TransCommunity and the BOE Financial mergers are expected to become effective on May 31, according to a Community Bankers news release.
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.
TransCommunity Financial 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.
TransCommunity is a banking services company located in Glen Allen, Va.
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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