StellarOne, Village Bank Announce Branch Purchase Deal
StellarOne Corporation (Nasdaq: STEL) (StellarOne) and Village Bank and Trust Financial Corp. (Nasdaq: VBFC) (Village) today jointly announced that its banking subsidiaries, StellarOne Bank and Village Bank, have entered into a purchase and assumption agreement for StellarOne Bank to purchase the Village Bank branch located at 11450 Robious Road in Richmond, Virginia.
StellarOne Bank will acquire deposits of approximately $21.6 million, loans of $12.2 million and real estate of $1.7 million from Village Bank. The purchase price represents a 3.5% premium on the deposits, par value on the loan portfolio and book value for the real estate.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.