Xenith Bankshares, Inc. (NASDAQ:XBKS) Files An 8-K Other Events
Item8.01.
| Other Events. |
On December7, 2016, Xenith Bankshares, Inc. (the Company) issued
a press release announcing a reverse stock split of the Companys
outstanding shares of common stock at a ratio of 1-for-10 (the
Reverse Stock Split). A copy of the press release announcing the
Reverse Stock Split is attached as Exhibit 99.1 to this Current
Report on Form 8-K and incorporated herein by reference.
The Reverse Stock Split was effective at 9:00 a.m. Eastern Time
on Tuesday, December13, 2016 (the Effective Time). At the
Effective Time, every 10 issued and outstanding shares of the
Companys common stock were reclassified and converted into one
validly issued, fully paid and non-assessable share of common
stock. No fractional shares were issued as a result of the
Reverse Stock Split. Rather, shareholders of fractional shares of
the Companys common stock will receive a cash payment at a price
equal to the closing price of the Companys common stock as of the
Effective Time.
As previously reported, at the Companys annual meeting of
shareholders on November21, 2016, the Companys shareholders
approved an amendment to the Companys articles of incorporation
to effect the Reverse Stock Split (the Articles of Amendment). A
copy of the Articles of Amendment, as filed with the Virginia
State Corporation Commission, is attached as Exhibit 3.1 to this
Current Report on Form 8-K and incorporated herein by reference.
| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 3.1 |
Articles of Amendment to the Articles of Incorporation effecting the Reverse Stock Split. |
|
| 99.1 |
Press release issued on December 7, 2016 announcing the Reverse Stock Split. |
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About Xenith Bankshares, Inc. (NASDAQ:XBKS)
Xenith Bankshares, Inc., formerly Hampton Roads Bankshares, Inc., is the bank holding company for Xenith Bank (the Bank). The Bank is a commercial bank targeting the banking needs of middle market and small businesses, local real estate developers and investors, private banking clients, and select retail banking clients. The Bank operates a loan production office in Newport News, Virginia. Its services and products consist primarily of taking deposits from, and making loans to, its target customers within its target markets. The Bank provides a selection of commercial and retail banking products, including commercial and industrial loans, commercial and residential real estate loans, and select consumer loans. The Bank offers a range of checking, savings and treasury products, including remote deposit capture, automated clearing house transactions, debit cards, 24-hour automated teller machine (ATM) access, Internet and mobile banking, and bill pay service. Xenith Bankshares, Inc. (NASDAQ:XBKS) Recent Trading Information
Xenith Bankshares, Inc. (NASDAQ:XBKS) closed its last trading session down -0.11 at 27.90 with 151,528 shares trading hands.