First Bankshares, Inc. (SUFB) has completed its merger with the Xenith Corporation. The combined companies will now operate as Xenith Bankshares, Inc. under a bank holding company structure.
First Bankshares, Inc. shareholders received $9.23 per share for a prorated 49% of shares that were validly voted in favor of the merger. All other shares of First Bankshares, Inc. were converted to shares of Xenith Bankshares, Inc. at a one to one ratio.
Shareholders of Xenith Corporation received 0.87 shares of Xenith Bankshares, Inc. in exchange for each share owned. Xenith Bankshares, Inc. will trade under the new symbol XBKS on the NASDAQ exchange.
Gaylon Layfield, the CEO of Xenith Corporation said, “This merger represents a terrific opportunity for Xenith to partner with SuffolkFirst Bank to create a significant player in the Virginia banking market.”
First Bankshares, Inc. is a bank holding company that owns SuffolkFirst Bank. SuffolkFirst Bank owns three bank branches in Suffolk, Virginia. The bank had total assets of $166 million and total deposits of $119 million as of the end of the third quarter of 2009.