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Hampton Roads/Xenith deal gets regulatory go-ahead


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Hampton Roads/Xenith deal gets regulatory go-ahead

The FederalReserve Bank of Richmond approved the pendingdeal between Hampton RoadsBankshares Inc. and Richmond, Va.-based Xenith Bankshares Inc.

The has also been giventhe green light by the Virginia State Corporation Commission.

Shareholdersof both companies will vote on whether to approve the deal during separate meetingsscheduled for July 28.

The deal isexpected to close July 29. As previously disclosed, the combined company will adoptthe Xenith Bankshares Inc. name for the holding company and the name for all banking operations.Headquarters for the combined company will be in Richmond.

If the mergeris completed, Bank of Hampton Roadsexpects that the current Bank of Hampton Roads, Gateway Bank and Shore Bank branchsignage will change the weekend of July 29 to reflect the new Xenith Bank name.Systems conversion is expected to take place the weekend of Nov. 11, according toa letter from Bank of Hampton Roads to its customers.