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BOE Financial adjourns special meeting; shareholders will decide deal with Community Bankers May 21
By Lisa Kerner
Charlotte, N.C., April 25 - BOE Financial Services of Virginia, Inc. adjourned its special meeting of stockholders on Friday on news that Community Bankers Acquisition Corp. would adjourn both its annual meeting and its special meeting of stockholders, also scheduled for Friday.
At the BOE Financial meeting, shareholders were to consider and vote on the proposed business combination with Community Bankers.
BOE Financial said its special meeting will reconvene at 10 a.m. ET on May 21. The record date for the meeting remains the close of business on March 25.
Community Bankers adjourned its meeting in order to provide its stockholders additional time to consider and vote on the company's proposed merger with TransCommunity Financial Corp. and the proposed merger with BOE Financial.
TransCommunity Financial shareholders are set to vote on the merger at a special meeting on April 28.
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.
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.
It was previously reported that 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.
Community Bankers is a "blank check" company formed in 2005 to acquire a commercial bank. It is based in Great Falls, Va.
TransCommunity is a banking services company located in Glen Allen, Va.
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