The Alexandria, Va., "blank check" company Community Bankers Acquisition Corp. has put on hold its shareholder vote on deals to acquire two banking companies.
Community Bankers, which was formed in 2006 for the purpose of acquiring banks, announced in September that it would buy TransCommunity Financial Corp. in Glen Allen for $48.5 million. Three months later it said it would acquire BOE Financial Services of Virginia Inc. in Tappahannock for $52 million.
Last week Community Bankers postponed its annual shareholder meeting and its special meeting for the deals until May 20. No reason was given for the delay, and company officials did not return calls for comment.
Upon hearing of the postponement, the $294 million-asset BOE said it would give shareholders until May 21 to vote on the deal. To this point 69.23% of its outstanding shares have been voted in favor of the deal — more than the two thirds required for approval — but BOE said it "may desire to provide additional disclosures" to shareholders, pending the outcome of Community Bankers' vote.
Nevertheless, Victoria Hall, an administrative assistant at the $235 million-asset TransCommunity, said in an interview that its shareholders voted Monday in favor of its deal with Community Bankers.
Three investment groups, whose members owned more than 28% of TransCommunity's shares, initially opposed the deal with Community Bankers but lifted their objections last month.
