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First-Citizens, Cordia Bancorp enter merger agreement

Staff writer |
First-Citizens Bank & Trust Company, known as First Citizens Bank, a wholly owned subsidiary of First Citizens BancShares, Inc., and Cordia Bancorp Inc. signed a definitive merger agreement.

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The agreement has been approved by the boards of both companies.
Cordia Bancorp provides retail and commercial banking products and services through its subsidiary, Bank of Virginia.

The agreement provides for the acquisition of Midlothian, Va.-based Cordia Bancorp by First Citizens Bank, which is headquartered in Raleigh, N.C.

The agreement has been approved by the boards of both companies. The transaction is expected to close no later than the fourth quarter of 2016, subject to the receipt of regulatory approvals and the approval of Cordia Bancorp shareholders.

Under the terms of the agreement, cash consideration of $5.15 will be paid to the shareholders of Cordia Bancorp for each of their shares of Cordia Bancorp's common stock.

Cordia Bancorp operates six branches in the greater Richmond market through Bank of Virginia, with $348 million in consolidated assets, $290 million in deposits and $225 million in loans as of March 31, 2016.

The Bank of Virginia branches are located in Midlothian, Richmond (two branches), Chester, Chesterfield and Colonial Heights, Va. Customers should bank as they normally do at their existing branches.

Upon completion of the merger, Bank of Virginia branch offices will open as First Citizens Bank branches. With regional headquarters in Roanoke, Va., First Citizens currently operates 43 branches in Virginia, including one in Midlothian and one at Short Pump in Richmond.

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