StellarOne, Village Bank Announce Branch Purchase Deal

StellarOne Corporation STEL (StellarOne) and Village Bank and Trust Financial Corp. VBFC (Village) today jointly announced that its banking subsidiaries, StellarOne Bank and Village Bank, have entered into a purchase and assumption agreement for StellarOne Bank to purchase the Village Bank branch located at 11450 Robious Road in Richmond, Virginia. StellarOne Bank will acquire deposits of approximately $21.6 million, loans of $12.2 million and real estate of $1.7 million from Village Bank. The purchase price represents a 3.5% premium on the deposits, par value on the loan portfolio and book value for the real estate.