Community bank investor Kenneth Lehman is seeking regulatory approval to buy nearly half the shares in Village Bank & Trust Financial in Midlothian, Va.

Lehman on Oct. 21 filed an application with the Virginia Bureau of Financial Institutions for approval to acquire 49.9% of the $433 million-asset Village Bank. Lehman also filed an application that week with the Federal Reserve Bank of Richmond seeking approval.

Lehman, a former lawyer who is based in Arlington, Va., could not be reached for comment. Village Bank also could not be reached for comment.

Village Bank on Aug. 8 completed a 1-for-16 reverse stock split. For the third quarter, the company earned $134,000 after posting a loss a year earlier.

Lehman has invested in other community banks, including First Capital in Glen Allen, Va.; Delmar Bancorp in Salisbury, Md.; Marine Bank & Trust in Vero Beach, Fla.; Four Oaks Fincorp in Four Oaks, N.C.; and Liberty Bell Bank in Marlton, N.J.

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