GLEN ALLEN, Va., Jan. 9, 2014 /PRNewswire/ -- Community Bankers Trust Corporation (NASDAQ: ESXB), the holding company for Essex Bank, announced today that it has completed its reincorporation from Delaware to Virginia, effective January 1, 2014. As a result of the reincorporation, the Company's corporate affairs will now be governed by Virginia law. The Company's shareholders approved the reincorporation at the Company's annual meeting in June 2013.
The purpose of the reincorporation to Virginia is expected annual cost savings of over $175,000 that the Company will realize from the difference between Delaware's franchise tax and Virginia's annual corporate fee. The form of the reincorporation was the merger of the existing Delaware corporation into a newly created Virginia corporation. The Company retains the same name and conducts business in the same manner as before the reincorporation. In addition, all of the issued and outstanding shares of the Company's common stock and preferred stock, including the TARP preferred stock, are now shares of a Virginia corporation. The reincorporation has no effect on the Bank and its operations.
About Community Bankers Trust Corporation and Essex Bank
Community Bankers Trust Corporation is the holding company for Essex Bank, a Virginia state bank with 19 full-service offices, 13 of which are in Virginia and six of which are in Maryland. The Bank also operates two loan production offices in Virginia. The Bank plans to open a new branch office in Annapolis, Maryland in the first quarter of 2014.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company's operations, performance, future strategy and goals. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in the following: the quality or composition of the Company's loan or investment portfolios, including collateral values and the repayment abilities of borrowers and issuers; assumptions that underlie the Company's allowance for loan losses; general economic and market conditions, either nationally or in the Company's market areas; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the demand for deposit, loan, and investment products and other financial services; the demand, development and acceptance of new products and services; the performance of vendors or other parties with which the Company does business; time and costs associated with implementing acquisitions, divestitures and similar transactions; the realization of gains and expense savings from acquisitions, divestitures and similar transactions; the Company's compliance with, and the timing of future reimbursements from the FDIC to the Company under, the shared-loss agreements; assumptions and estimates that underlie the accounting for loan pools under the shared-loss agreements; consumer profiles and spending and savings habits; levels of fraud in the banking industry; the level of attempted cyber attacks in the banking industry; the securities and credit markets; costs associated with the integration of banking and other internal operations; the ability of the Company to comply with regulatory actions, and the costs associated with doing so; management's evaluation of assets on a periodic basis, and any resulting impairment charges, under applicable accounting standards; the soundness of other financial institutions with which the Company does business; inflation; technology; and legislative and regulatory requirements. Many of these factors and additional risks and uncertainties are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other reports filed from time to time by the Company with the Securities and Exchange Commission. This press release speaks only as of its date, and the Company disclaims any duty to update the information in it.
SOURCE Community Bankers Trust Corporation