After nine years as a publicly traded company, Essex Bancorp in Norfolk, Va., is going private.
The $307 million-asset holding company plans merge with its Essex Savings Bank, and stockholders would receive about $1.45 per share. The price when the company went public in 1992 was $10; Essex shares were trading at $1.50 at midday Friday.
In a press release last week the company said the expense and management time involved in being publicly traded outweigh any benefit that may be received by the company or its common shareholders.
Essex said a board-appointed committee will review the plan. The company predicted that shareholders at their June 21 meeting.