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Legal Matters
12 Months Ended
Dec. 31, 2019
Loss Contingency [Abstract]  
Legal Matters

Note 25. Legal Matters

 

On August 12, 2019, a former employee of VCB and participant in its Employee Stock Ownership Plan (the “ESOP”) filed a class action complaint against VCB, Virginia Community Bank, and certain individuals associated with the ESOP in the U.S. District Court for the Western District of Virginia, Charlottesville Division (Case No. 3:19-cv-00045-GEC). The complaint alleges, among other things, that the defendants breached their fiduciary duties to ESOP participants in violation of the Employee Retirement Income Security Act of 1974, as amended. The complaint alleges that the ESOP incurred damages “that approach or exceed $12 million.” The Company automatically assumed any liability of VCB in connection with this litigation as a result of the Company’s acquisition of VCB.  The outcome of this litigation is uncertain, and the plaintiff and other individuals may file additional lawsuits related to the ESOP.  The defense, settlement, or adverse outcome of any such lawsuit or claim could have a material adverse financial impact on the Company.