First Bankshares (SUFB) and Richmond's Xenith Corporation Announce Merger Agreement
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First Bankshares, Inc. (Nasdaq: SUFB) and Xenith Corporation announced their intention to merge. Upon closing of the merger, the combined organizations will operate as a one-bank holding company under the name Xenith Bankshares, Inc.
Under the terms of the merger agreement, shareholders of First Bankshares may elect to retain their shares of First Bankshares common stock or to receive $9.23 in cash per share, subject to pro ration in the event the aggregate cash elections exceed 25% of shares outstanding as of the closing of the merger. Shareholders of Xenith Corporation are expected to receive between approximately .90 and .98 shares of First Bankshares common stock for each share of Xenith Corporation common stock owned at the time of the merger, with the exact exchange ratio determined at closing based on Xenith's book value at such time.
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Corporate NewsMergers and Acquisitions
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