Community Bankers Acquisition Corp. of Great Falls, Va., has finally won approval from its shareholders to acquire two small Virginia banking companies.
After delaying the vote three times as it tried to drum up shareholder support, the special-purpose acquisition company said Friday that deals for TransCommunity Financial Corp. in Glen Allen and BOE Financial Services of Virginia Inc. in Tappahannock were approved late Thursday.
The deals for TransCommunity and BOE are believed to be the first bank acquisitions completed by a special-purpose acquisition company.
The buyer paid roughly $100 million of stock for the two sellers, which have $535 million of assets.
Roughly 75% of the outstanding shares were voted in favor of the TransCommunity deal, while 63% were voted in favor of the BOE deal, Community Bankers said.
The company was formed for the purpose of acquiring community banks. Its founders were able to get the deals by finding an investor to buy out shareholders who opposed the acquisition and promising to grant their own options and warrants to the investor.
On Thursday, Community Bankers said the investor had purchased 4.1 million shares of common stock. Securities and Exchange Commission filings showed that Weiss Asset Management and D.B. Zwirn & Co. LP had sold their stakes in the company.
