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Virginia-based peers enter $178.3M merger-of-equals

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Virginia-based peers enter $178.3M merger-of-equals

McLean, Va.-based Southern National Bancorp of Virginia Inc. and Tappahannock, Va.-based Eastern Virginia Bankshares Inc. entered into a definitive merger agreement.

Under the terms of the deal, Eastern Virginia common and preferred shareholders will receive a fixed exchange ratio equal to 0.6313 Southern National common share for each Eastern Virginia common or preferred share.

The combined company will have roughly $2.4 billion in total assets, with Southern National shareholders owning approximately 51.4% and Eastern Virginia shareholders owning a 48.6% stake.

More details to follow.