Bank of Virginia Delays Deadline for Rights Offering

Bank of Virginia (BOVA) in Midlothian has extended its rights offering deadline because of the aftermath of Hurricane Sandy.

The $170 million-asset company extended the deadline for a week, to Nov. 13, Bank of Virginia said Friday.

Bank of Virginia said in August that its largest shareholder Cordia Bancorp would pay $3 million to buy an additional 4.2 million shares of common stock at 72 cents each.

Cordia exchanged shares of its stock for all shares of Bank of Virginia that it did not already own, giving Cordia full ownership. Bank of Virginia is now a unit of Cordia.
 
Bank of Virginia also said in August that it would raise up to another $2 million by selling as many as 2.8 million common shares in a public rights offering to existing shareholders.