VIRGINIA BEACH, Va. and RICHMOND, Va., July 29, 2016 (GLOBE NEWSWIRE) — Hampton Roads Bankshares, Inc. (“HRB”) (Nasdaq:HMPR), the captivation aggregation for The Coffer of Hampton Roads (“BOHR”), and Xenith Bankshares, Inc. (“XBKS”) (Nasdaq:XBKS), the captivation aggregation for Xenith Bank, today appear the achievement of their ahead appear cardinal merger, whereby XBKS alloyed with and into HRB and Xenith Coffer alloyed with and into BOHR. In affiliation with the merger, the accumulated aggregation has affected the Xenith Bankshares, Inc. name for the captivation aggregation and the Xenith Coffer name for all cyberbanking operations. Address for the accumulated aggregation are in Richmond, Virginia and basic August 1, 2016, shares of the accumulated aggregation will barter on the Nasdaq Banal Bazaar beneath the attribute “XBKS.”
Pursuant to the acceding of the alliance agreement, anniversary allotment of XBKS accepted banal outstanding as of the able time of the alliance was canceled and adapted into the appropriate to accept 4.4 shares of HRB accepted stock, with banknote to be paid in lieu of any apportioned shares based on a amount of $1.958 per allotment of HRB accepted stock.
The accumulated company’s administration aggregation includes associates of chief administration from anniversary company, with T. Gaylon Layfield, III as Chief Executive Officer, Donna W. Richards as President & Chief Operating Officer, Thomas W. Osgood as Executive Vice President & Chief Cyberbanking Officer, Wellington W. Cottrell, III as Executive Vice President & Chief Acclaim Officer, John Marshall as Executive Vice President of Abyssal Lending, Thomas B. Dix, III as Executive Vice President & Co-Head of Bartering Banking, Hampton Roads, Maryland and North Carolina, Edward H. Phillips, Jr. as Executive Vice President & Co-Head of Bartering Banking, Richmond and Greater Washington and Ronald E. Davis as Executive Vice President & Chief Risk Officer.
The accumulated company’s lath of admiral consists of eight associates from HRB – James F. Burr, Patrick E. Corbin, Henry P. Custis Jr., Robert B. Goldstein, William A. Paulette, John S. Poelker, Jon F. Weber and W. Lewis Witt – and bristles associates from XBKS – T. Gaylon Layfield, III, Palmer P. Garson, Robert J. Merrick, Scott A. Reed and Thomas G. Snead, Jr. Mr. Corbin will serve as administrator of the lath of admiral of the accumulated company.
As ahead disclosed, in affiliation with the achievement of the merger, the accumulated aggregation expects to about-face essentially all of the appraisal allowance on HRB’s net deferred tax asset.
Sandler O’Neill & Partners, L.P. and Wachtell, Lipton, Rosen & Katz served as cyberbanking and acknowledged advisors, respectively, to Hampton Roads Bankshares, Inc. Macquarie Basic and Hunton & Williams LLP served as cyberbanking and acknowledged advisors, respectively, to Xenith Bankshares, Inc.
About Xenith Bankshares, Inc.Xenith Bankshares, Inc. (f/k/a/ Hampton Roads Bankshares, Inc., the “combined company”), is the captivation aggregation for Xenith Bank, a full-service bartering coffer headquartered in Richmond, Virginia. The accumulated aggregation is the fifth better association coffer by deposits headquartered in the Commonwealth of Virginia.
Xenith Coffer accurately targets the cyberbanking needs of average bazaar and baby businesses, bounded absolute acreage developers and investors, clandestine cyberbanking audience and individuals, and retail cyberbanking clients. Through assorted divisions, the accumulated aggregation additionally offers mortgage cyberbanking casework and abyssal finance.
Xenith Bank’s bounded breadth of operations spans from Baltimore, Maryland and Rehoboth Beach, Delaware, to Raleigh and eastern North Carolina, complementing its cogent attendance in Greater Washington, D.C., Greater Richmond, Virginia, Greater Hampton Roads, Virginia and on the Eastern Shore of Maryland and Virginia. Xenith Coffer has 42 full-service branches and four accommodation assembly offices amid beyond these areas with its address centrally-located in Richmond.
The accumulated company’s accepted banal trades on The NASDAQ Banal Bazaar beneath the attribute “XBKS.”
For added advice about Xenith Bankshares, amuse visit: www.xenithbank.com.
This columnist absolution contains advanced attractive statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995 giving HRB’s and XBKS’ expectations or predictions of approaching cyberbanking or business achievement or conditions. Advanced statements are about articular by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects” or “potential,” by approaching codicillary verbs such as “will,” “would,” “should,” “could” or “may”, or by variations of such words or by agnate expressions. These advanced statements are accountable to abundant assumptions, risks and uncertainties which change over time. Advanced statements allege alone as of the date they are fabricated and we accept no assignment to amend advanced statements.
In accession to factors ahead appear in HRB’s and XBKS’ accessible filings with the Securities and Exchange Commission, including those categorical beneath “Risk Factors” in HRB’s allotment account on Form S-4 (Registration Account No: 333-210643), which includes a collective proxy account of XBKS and HRB and a announcement of HRB, and proxy statements filed by anniversary of XBKS and HRB, the afterward factors, amid others, could account absolute after-effects to alter materially from advanced statements and actual performance: difficulties and delays in amalgam the HRB and XBKS businesses or absolutely acumen amount accumulation and added allowances of the transaction; business disruption afterward the transaction; changes in asset affection and acclaim risk; the disability to sustain acquirement and balance growth; changes in absorption ante and basic markets; inflation; chump borrowing, repayment, advance and drop practices; chump disintermediation; the introduction, withdrawal, success and timing of business initiatives; aggressive conditions; the disability to apprehend amount accumulation or revenues or to apparatus affiliation affairs and added after-effects associated with mergers, acquisitions and divestitures; bread-and-er conditions; the disability to apprehend deferred tax assets aural accepted time frames or at all; and the impact, admeasurement and timing of abstruse changes, basic administration activities, and added accomplishments of the Federal Reserve Lath and aldermanic and authoritative accomplishments and reforms.
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