Subsequent Events

9 Months Ended

Sep. 30, 2019

Note 15 – Subsequent Events

On November 20, 2019, the Company declared a quarterly dividend of $0.1425 per share payable on December 13, 2019 to shareholders of record as of December 6, 2019.

Effective December 15, 2019, the Company completed its acquisition of Virginia Community Bankshares, Inc. (“VCB”). The merger of VCB with and into the Company (the “Merger”) was effected pursuant to the terms and conditions of the Agreement and Plan of Reorganization, dated as of May 13, 2019, between the Company and VCB, and a related Plan of Merger (the “Merger Agreement”). Immediately after the Merger, Virginia Community Bank, VCB’s wholly-owned bank subsidiary, merged with and into the Bank. Pursuant to the Merger Agreement, former holders of shares of VCB common stock had the right to elect to receive either $58.00 in cash or 3.05 shares of the Company’s common stock for each share of VCB common stock held, subject to adjustment so that the overall mix of consideration paid to VCB shareholders consists of approximately 60% the Company’s common stock and 40% cash. The Company expects to issue approximately 1,312,970 shares of its common stock and pay approximately $16.6 million in cash in connection with the Merger.