Salisbury, Md.-based Delmar Bancorp and Fredericksburg, Va.-based Virginia Partners Bank extended their deal completion date to Nov. 30 from Sept. 30.
Under the terms of the deal, Virginia Partners Bank shareholders will receive 1.7179 Delmar Bancorp common shares for each common stock they have and they will own roughly 44% of the combined company. Virginia Partners Bank shareholders approved the deal at an Aug. 12 special meeting and the Federal Reserve Bank of Richmond has also given its regulatory approval for the transaction.
