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Robert Powell, III// January 9, 2014//
Glen Allen-based Community Bankers Trust Corp., the parent company of Essex Bank, has reincorporated as a Virginia company.
The company previously was incorporated in Delaware.
The move, approved by company shareholders at its annual meeting last June, means its corporate affairs now will be governed by Virginia law.
The company expects to realize an annual savings of more than $175,000 as a result because of Virginia's lower corporate fee compared with Delaware’s franchise tax.
Reincorporation was completed Jan. 1 with the merger of the existing Delaware corporation with a newly created Virginia entity.
The move is not expected to have any effect on the bank’s operations or outstanding stock.
Essex Bank has 19 full-service offices, 13 of which are in Virginia. The rest are in Maryland.
The bank also operates two loan production offices in Virginia.
It plans to open a new branch office in Annapolis in the first three months of this year.
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