Eastern Virginia Bankshares Inc. said Monday it signed a definitive agreement to acquire Millennium Bank N.A.'s Henrico and Colonial Heights Millennium Bank branch offices in Richmond and Colonial Heights, Va.
Financial terms weren't disclosed.
The Tappahannock, Va., bank holding company expects the acquisition to be neutral to slightly accretive to 2008 earnings per share and to add to 2009 per-share results.
Eastern Virginia said it will acquire about $89 million in deposits and a $44 million loan portfolio in the deal, which is set to close by the end of the first quarter of 2008.
The company expects to have about $762 million in deposits after completion of the transaction.
Shares recently traded at $18.25, up 55 cents, or 3.1%.
