FREDERICKSBURG, VA / ACCESSWIRE / November 7, 2019 / Virginia Partners Bank, Fredericksburg, Virginia ('Partners') (OTCQX:PTRS) announced today that Partners' Board of Directors has declared a special cash dividend of $0.0429 per share of Partners common stock.
The payment of the special dividend is contingent on legal effectiveness no later than November 30, 2019 of the share exchange between Partners and Delmar Bancorp ('Delmar'), pursuant to the Agreement and Plan of Share Exchange between the parties, dated December 13, 2018, as amended. Subject to the closing of the share exchange, the special dividend is payable by Partners on December 3, 2019 to Partners shareholders of record on November 14, 2019.
The special cash dividend will provide Partners' shareholders the same economic benefit they would have received if the share exchange had closed prior to the record date for Delmar's third quarter regular dividend, as Partners and Delmar had anticipated at the time of their entry into the share exchange agreement.
About Virginia Partners Bank
Virginia Partners Bank, headquartered in Fredericksburg, Virginia, was founded in 2008 and has three branches in Fredericksburg, Virginia. In Maryland, Virginia Partners Bank trades under the name Maryland Partners Bank (a division of Virginia Partners Bank), and operates a full service branch and commercial banking office in La Plata, Maryland and a Loan Production Office in Annapolis, Maryland. Virginia Partners Bank also owns a controlling stake in Johnson Mortgage Company, LLC, which is a residential mortgage company headquartered in Newport News, Virginia, with branch offices in Fredericksburg and Williamsburg, Virginia.
At September 30, 2019, Virginia Partners Bank had approximately $441.8 million in total assets, $349.7 million in total loans and $339.5 million in total deposits. For more information, visit www.vapartnersbank.com.
For further information, please contact Lloyd B. Harrison, III, Virginia Partners Bank President & Chief Executive Officer, at 540-899-2234.
SOURCE: Virginia Partners Bank Fredericksburg VA
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