First Citizens to Buy Cordia Bancorp in Virginia

First Citizens BancShares in Raleigh, N.C., has agreed to buy Cordia Bancorp in Midlothian, Va.

The $32.2 billion-asset First Citizens said in a press release that it will pay $37.1 million in cash for the $348 million-asset Cordia. The deal is expected to close in the fourth quarter.

Cordia, which is based near Richmond, Va., has six branches, $290 million in deposits and $225 million in loans.

"This agreement is a significant opportunity for us to continue to grow and expand our presence in Virginia, especially the greater Richmond market," Frank Holding Jr., First Citizens' chairman and chief executive, said in the release.

Sandler O'Neill and Ward & Smith advised First Citizens. Kilpatrick, Townsend & Stockton advised Cordia Bancorp.

First Citizens has been a busy acquirer this year, buying two failed banks: First CornerStone Bank in King of Prussia, Pa., and North Milwaukee State Bank in Wisconsin.

Cordia, meanwhile, recently sold its online student lending program to Jack Zoeller, the company's chief executive. Zoeller also resigned from Cordia and its bank in connection with the transaction.