BOE Financial to merge with Community Bankers Acquisition
BOE Financial Services of Virginia, Inc. (Nasdaq: BSXT), TransCommunity Financial Corp. (OTCBB: TCYF) and Community Bankers Acquisition Corp. (Amex: BTC) said today that BOE and Community Bankers will merge in an transaction that is estimated to be valued at approximately $52 million in aggregate, or no less than $42.50 per share.
Under the terms of the agreement, BOE shareholders will receive 5.7278 shares of Community Bankers common stock for each of their shares of BOE common stock.
Additionally, TransCommunity Financial previously said it also entered into a merger with Community Bankers providing for the merger of TransCommunity with and into Community Bankers.
As a result, the BOE/Community Bankers merger will occur subsequent to the previously announced proposed merger of TransCommunity and Community Bankers.
In anticipation of the proposed mergers, TransCommunity said it plans to declare a one-time special dividend in the amount of $0.25 per share to TransCommunity shareholders.
The resulting holding company will be named Community Bankers Trust Corp.
Shares of BOE Financial Services of Virginia (BSXT) surged 52.38%, or $13.75, to a new 52 week high of $40 at 10:30 a.m. ET. Shares of BOE Financial Services of Virginia have been trading in the range of $23.50 to $32.50 for the past 52 weeks.
