Private investment-backed Cordia Bancorp Inc. has received regulatory approvals to buy a majority stake in the $219.3 million-asset Bank of Virginia.

The Washington company will invest at least $10 million in the Midlothian, Va., bank. Cordia, which would be based in Richmond, Va., can also buy up to 10 million shares at $2 a share by Sept. 30, 2011.

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