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Virginia Bancshares

Learn about the "Freeze-out" merger of First American Bank into Virginia Bankshares. Understand the legal battle, jury award, and shareholder rights.

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Virginia Bancshares

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  1. Virginia Bancshares First American Bankshares, Inc. (FABI) Public 15% 100% First American Bank of Virginia (Bank) Virginia Bankshares,Inc. (VBI) 85% • “Freeze-out” merger of Bank into VBI -- public shareholders get $42 per share cash, on recommendation of outside banker • Bank board urges vote for the plan -- $42 is “high” and “fair” price. • Dissenting shareholder brings suit claiming violation of 14a-9; jury awards $18 more per share; 4th Circuit affirms.

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