Cordia Bancorp Announces $500K Stock Buyback Program

(RTTNews) - Cordia Bancorp Inc. (BVA), parent company of Bank of Virginia, said Monday that it has authorized a stock repurchase program to acquire up to $500,000 of the company's outstanding common stock.

Repurchases will be conducted through open market purchases or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors.

"Although the company has not been an active purchaser of its shares, we feel that market conditions currently present us with a good opportunity to use our capital for this purpose," stated Jack Zoeller, President and Chief Executive Officer of Cordia Bancorp.