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Subsequent Event
9 Months Ended
Sep. 30, 2016
Subsequent Event

Note 13: Subsequent Event

On November 2, 2016, the Company signed a definitive merger agreement with Virginia BanCorp Inc. (“Virginia BanCorp”). Upon completion of the merger, the Company will be the surviving corporation and shareholders of Virginia BanCorp will receive 1.178 shares of the Company’s common stock for each share of Virginia BanCorp common stock they own. After the merger is completed, the Company’s shareholders will own approximately 51% of the stock of the Company and Virginia BanCorp’s shareholders will own approximately 49%. The merger is expected to be completed early in the second quarter of 2017, subject to approval of both companies’ shareholders, regulatory approvals, and other customary closing conditions. As of September 30, 2016, Virginia BanCorp, Inc. total assets were approximately $325.1 million and total stockholders’ equity was $35.7 million.