Virginia National Bank in Charlottesville, Va., has changed its corporate structure.

The $484 million-asset bank is now controlled by Virginia National Bankshares (VABK), a newly created holding company, after shareholders approved the change at their annual meeting. Each share of the bank was exchanged for a share in the holding company on Dec. 16.

"We believe that this new bank holding company structure will give us additional operational, business and financial flexibility to help us continue to expand our business and bring value to our shareholders," Bill Dittmar, chairman of the company and the bank, said in a press release.

More than 75% of shareholders voted in favor of the conversion, the company said. Virginia National plans to pay a quarterly cash dividend of 5 cents a share.

Virginia National earned $925,000 in the third quarter and $1.7 million in the first nine months of 2013, according to the Federal Deposit Insurance Corp.

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