The Treasury Department has agreed to sell a large stake in Hampton Roads Bankshares (HMPR) in Virginia Beach.
The $2 billion-asset company said in a regulatory filing Wednesday that the Treasury will sell nearly 2.1 million shares of its common stock for about $3.3 million, or $1.57 a share. Sandler O'Neill and Keefe, Bruyette & Woods are the underwriters.
Hampton Roads will not receive any proceeds from the offering.
Hampton Roads issued common stock to the Treasury in September 2010 after the agency converted shares of preferred stock it received in December 2008 under the Troubled Asset Relief Program.