Key Developments: Hampton Roads Bankshares Inc (HMPR.O)
1.31USD
22 May 2013
$-0.03 (-2.24%)
$1.34
$1.33
$1.33
$1.30
342,797
131,294
$3.65
$1.01
Latest Key Developments (Source: Significant Developments)
Hampton Roads Bankshares Inc Appoints Thomas Dix Interim CFO
Hampton Roads Bankshares Inc announced that the Board of Directors of the Company has appointed Thomas B. Dix, III, previously Senior Vice President, Corporate Treasurer and Corporate Secretary, to the position of Senior Vice President, Treasurer and Interim Chief Financial Officer (CFO), effective April 1, 2013. The effective date coincides with the previously announced departure date of Chief Financial Officer Stephen P. Theobald, who has accepted a position as Chief Financial Officer of Walker & Dunlop, Inc. Dix will report to Douglas J. Glenn, President and Chief Executive Officer. The Company has engaged Matthews, Young - Management Consulting to conduct a search for a permanent Chief Financial Officer. Full Article
Hampton Roads Bankshares Inc Announces CFO Transition
Hampton Roads Bankshares Inc announced that Stephen P. Theobald, Executive Vice President and Chief Financial Officer, will be leaving the Company on March 31, 2013 to accept a CFO position with another financial services firm. The Company will conduct a search for a successor. Full Article
Hampton Roads Bankshares Inc Announces Closing Of Rights Offering
Hampton Roads Bankshares Inc announced the closing of a common stock rights offering (the Rights Offering) and standby purchase of shares not sold in the Rights Offering, in which it issued 64,287,848 common shares and raised $45,001,494 in additional capital. The Company issued 21,000,687 shares of common stock, at a price of $0.70 per share, to holders of its common stock who elected to participate in the Rights Offering. In connection with the Rights Offering, the Company entered into a Standby Purchase Agreement with the following entities or their affiliates or managed funds: The Carlyle Group, L.P., Anchorage Capital Group, L.L.C. and CapGen Capital Group VI LP (together, the Investors). The Standby Purchase Agreement provided that the Investors would not exercise their basic subscription rights and instead would purchase from the Company, at the subscription price, a portion of the shares, if any, up to an aggregate of 53,518,176 shares, not subscribed for in the Rights Offering. Pursuant to the terms of the Standby Purchase Agreement, the Investors purchased 43,287,161 shares of common stock at $0.70 per share. The Company will use the proceeds of the Rights Offering for general corporate purposes. Full Article
Hampton Roads Bankshares Inc Closes on $50 Million Private Placement Of Common Stock
Hampton Roads Bankshares Inc announced that it has closed a $50 million private placement of common stock (the Private Placement). The Company issued an aggregate 71,428,572 common shares at a price of $0.70 per share to the following entities or their affiliates or managed funds: Anchorage Capital Group, L.L.C., CapGen Capital Group VI LP and The Carlyle Group (together, the Investors) pursuant to the terms of a standby purchase agreement between the Investors and the Company. The Company plans to raise an additional approximately $30 million to $45 million in capital by issuing from 42,836,460 to 64,285,714 common shares in a public rights offering (the Rights Offering) that it expects to undertake during the third quarter of 2012. In the Rights Offering, the Company will grant each of its shareholders other than the Investors non-transferable rights to purchase up to, but no more than, a pro rata share of the maximum $95 million in capital to be raised in the Private Placement and the Rights Offering. The rights will be distributed to shareholders of record as of May 31, 2012 and may be exercised at $0.70 per share, the same price per share paid by the Investors in the Private Placement. The Company expects to use the proceeds from the Private Placement and Rights Offering for general corporate purposes, which will include, but not be limited to, making capital contributions to its banking subsidiaries. Full Article
Hampton Roads Bankshares Inc To Raise Up To $95 Million In Capital
Hampton Roads Bankshares Inc announced that it will undertake a capital raise of at least $80 million, but no more than $95 million through the sale of its common stock in a private placement and a public rights offering. The purpose of the capital raise is to satisfy all regulatory capital requirements and provide additional capital. The Company has entered into a definitive agreement with three shareholders – Carlyle Financial Services Harbor, L.P., ACMO-HR, L.L.C. and CapGen Capital Group VI LP – to purchase an aggregate of $50 million of its common stock at $0.70 per share in a private placement expected to close in June 2012, subject to satisfaction of the conditions of the agreement, including shareholder and regulatory approvals. Following the closing of the first $50 million in the private placement, the Company plans to conduct a $45 million public rights offering that will allow its shareholders other than the Investors to purchase up to, but no more than, their full pro-rata portion of the total $95 million capital raise at $0.70 per common share. The record date for the rights offering is May 31, 2012. The Investors have agreed not to participate in the rights offering, but in lieu of that participation, will serve as standby purchasers of all or a portion of the shares offered but not purchased in the capital raise. Full Article
Hampton Roads Bankshares Inc Announces Agreement to Sell Preston Corners and Chapel Hill, NC Branch Deposits To Bank Of North Carolina
Hampton Roads Bankshares Inc that BHR has entered into a definitive agreement with Bank of North Carolina, a subsidiary of BNC Bancorp whereby Bank of North Carolina will purchase all deposits associated with the Gateway Bank & Trust Co. branches located at 4725 SW Cary Parkway in Cary, NC and 504 Meadowmont Village Circle in Chapel Hill, NC. Under the terms of the agreement, Bank of North Carolina will also acquire the land, building and furniture, fixtures and equipment associated with the Preston Corners Branch and will assume the Company's lease for the Chapel Hill Branch. Bank of North Carolina intends to continue to operate these branches. The sale is expected to be completed in the third quarter of 2012, subject to regulatory approvals and customary closing conditions. Separately, the Company announced that it plans to consolidate two Gateway Bank & Trust Co. branches in Raleigh, North Carolina, effective July 27, 2012. The branch located at 8470 Falls of Neuse Road will be closed and all accounts will be transferred to the branch located at 2235 Gateway Access Point . The Company's mortgage subsidiary, Gateway Bank Mortgage, which serves the Company's regions and other parts of the Southeast, will continue to be headquartered at the Lake Boone office. The Company was advised by Sandler O'Neill & Partners, L.P. on the transaction with Bank of North Carolina. Full Article
Hampton Roads Bankshares Inc Announces Agreement To Sell Wilmington, NC Branch Deposits To First Bancorp
Hampton Roads Bankshares Inc, the holding company for The Bank of Hampton Roads and Shore Bank, announced that it has entered into a definitive agreement with First Bancorp of Troy, North Carolina, whereby First Bancorp, the holding company for First Bank and First Bank of Virginia, will purchase deposits and certain loans associated with the Gateway Bank & Trust Co. branch located at 901 Military Cutoff Road in Wilmington, North Carolina. First Bancorp plans to transfer the acquired accounts to its branch located at 1701 Eastwood Road in Wilmington, but customers will be able to transact business at any First Bancorp branch, including five branches in Wilmington. Following the completion of this transaction, the Company plans to close the Military Cutoff Road branch. While the Company will no longer maintain a branch in Wilmington, it will continue to offer mortgage services in this market through its subsidiary, Gateway Bank Mortgage. The sale is expected to be completed in the third quarter of 2012. The terms of the transaction were not disclosed. The Company was advised by Sandler O'Neill & Partners, L.P. on this transaction. Full Article
Hampton Roads Bankshares Inc Announces Bank of Hampton Roads' Termination of Branch Sale Agreement With East Carolina Bank
Hampton Roads Bankshares Inc., the holding company for The Bank of Hampton Roads (BHR) announced that the mutual termination of an agreement dated July 14, 2011 between BHR and The East Carolina Bank, the wholly owned subsidiary of ECB Bancorp. Inc. under which ECB was to purchase all deposits and selected assets associated with seven Gateway Bank branches in North Carolina. The branches included in the agreement were Preston Corners, Plymouth, Roper, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington. BHR has initiated a process to seek an alternative buyer or buyers for the Preston Corners, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington branches. In the interim, these branches will maintain full operations. Under the terms of the original agreement with ECB, BHR planned to close the Roper branch and consolidate its accounts into the Plymouth branch. BHR has received regulatory approval from the Federal Reserve Bank of Richmond to proceed with this branch consolidation and expects to complete the account transfers and close the Roper branch by April 13, 2012. With the termination of the agreement with ECB, BHR plans to retain ownership of the Plymouth branch. Full Article
Hampton Roads Bankshares Inc. Names CEO-Global Banking News
Global Banking News reported that Hampton Roads Bankshares Inc has named Douglas J. Glenn as President and Chief Executive Officer(CEO) of the Company and BHR. Glenn has held both positions in an interim capacity since August, 2011. Glenn joined the Company and BHR in 2007. Full Article
Hampton Roads Bankshares Inc. Announces Public Offering Plans
Hampton Roads Bankshares Inc. announced that it intends to offer shares of its common stock in a public offering. The Company currently expects gross proceeds from this offering to be between $54 million and $86 million and anticipates that final settlement of this offering will occur during the second quarter of 2012. This offering will be made pursuant to a prospectus supplement to the Company's prospectus, dated June 2, 2011, filed as part of the Company's effective universal shelf registration statement. Full Article
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