Virginia Financial Group Inc. Announces Sale of Branches
November 09 2004 - 4:30PM
PR Newswire (US)
Virginia Financial Group Inc. Announces Sale of Branches CULPEPER,
Va., Nov. 9 /PRNewswire-FirstCall/ -- Virginia Financial Group Inc.
(NASDAQ:VFGI) today announced that its subsidiary, Planters Bank
& Trust Company of Virginia, has signed a definitive agreement
to sell two branches located in Tazewell County, Virginia to the
Bank of Tazewell County, an affiliate of National Bankshares, Inc.
headquartered in Blacksburg, Virginia. The branch sale, which is
subject to regulatory approval, includes all deposit accounts, and
the purchase of selected loans, fixed assets and real estate. At
September 30, 2004, the two branches reported deposits of $21
million and loans of $9 million. The proposed transaction is
expected to close in the first quarter of 2005. "This transaction
reflects our efforts to improve synergy and cost efficiency for our
franchise, which ultimately creates value for our shareholders,"
said VFG President and Chief Executive Officer O. R. Barham Jr.
"The Tazewell branches did not complement our existing franchises
as well as the other six branches purchased from First Virginia in
2003. We are confident that the Bank of Tazewell County will
provide the customers of our Tazewell branches an in-market
convenience and the same level of community banking service." VFG
is the holding company for Planters Bank & Trust Company of
Virginia - - in Staunton; Second Bank & Trust -- in Culpeper;
Virginia Heartland Bank -- in Fredericksburg and Virginia
Commonwealth Trust Company -- in Culpeper. The Company is a
traditional community banking provider, offering a full range of
business and consumer banking services including trust and asset
management service via its trust company affiliate. The
organization maintains a network of thirty-seven branches serving
Central and Southwest Virginia. It also maintains five trust and
investment service offices in its markets, and loan production
offices located in Charlottesville and Lynchburg. This press
release contains forward-looking statements as defined by federal
securities laws. These statements may address certain results that
are expected or anticipated to occur or otherwise state the
company's predictions for the future. A forward-looking statement
in this press release encompasses any estimate, prediction,
expectation, projection, opinion, anticipation, outlook or
statement of belief herein. These particular forward-looking
statements and all other statements that are not historical facts
are subject to a number of risks and uncertainties, and actual
results may differ materially. Such factors include but are not
limited to: regulatory approval, general economic conditions,
significant fluctuations in interest rates that could reduce net
interest margin; difficulties in executing integration plans;
regulatory environment; reduction of fee income from existing
products due to market conditions; and the amount of growth in the
company's general and administrative expenses. Consequently, these
cautionary statements qualify all forward-looking statements made
herein. Please refer to VFG's filings with the Securities and
Exchange Commission for additional information, which may be
accessed at http://www.vfgi.net/. DATASOURCE: Virginia Financial
Group Inc. CONTACT: Jeffrey W. Farrar, Executive Vice President and
CFO of Virginia Financial Group Inc., +1-540-829-1603, Web site:
http://www.vfgi.net/
Copyright
Virginia Financial Grp. (MM) (NASDAQ:VFGI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Virginia Financial Grp. (MM) (NASDAQ:VFGI)
Historical Stock Chart
From Jul 2023 to Jul 2024