Bank of Virginia Announces a 2 for 1 Stock Split
MIDLOTHIAN, Va., Aug. 24 /PRNewswire-FirstCall/ — Frank Bell, President and Chief Executive Officer for Bank of Virginia (Pink Sheets: BVCH.PK), announced that at a meeting on August 18, 2005 its Board of Directors approved a two-for-one split with respect to shares of the Bank’s common stock, payable September 13, 2005 to shareholders of record on September 6, 2005.
Mr. Bell indicated that, “This stock split represents a method of rewarding our stockholders for their commitment to the Bank and its continued growth.” As a result of the stock split, each of the Bank’s shareholders will own twice as many shares. After the stock split, there will be 1,525,366 shares of common stock outstanding.
Bank of Virginia, headquartered in Midlothian, Virginia, had total assets of $51.6 million at June 30, 2005. The Bank which opened for business on January 12, 2004, is chartered by the Commonwealth of Virginia. The Bank provides commercial and retail banking services to consumers and businesses in and around the Chesterfield County, Virginia market through three branch offices located in Chesterfield County.
DISCLAIMER
This news release may include forward-looking statements. These forward- looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Bank’s periodic filings with the Board of Governors of the Federal Reserve System, including the Bank’s registration statement on Form 10-SB as filed with the Federal Reserve. Pursuant to the Private Securities Litigation Reform Act of 1995, the Bank does not undertake to update forward-looking statements contained within this news release.
FOR MORE INFORMATION,
CONTACT: KENNETH P. MULKEY
AT (804) 744-7576
Source: Bank of Virginia
CONTACT: Kenneth P. Mulkey of the Bank of Virginia, +1-804-744-7576
Web site: http://www.bankofva.com/
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Profile: financial services