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CBAC receives approval to acquire TFC and BOE Financial

Community Bankers Acquisition has received the regulatory approvals to acquire TransCommunity Financial and BOE Financial Services of Virginia.

The Federal Reserve Bank of Richmond, acting under delegated authority of the board of governors of the Federal Reserve System, notified Community Bankers Acquisition (CBAC) on April 15, 2008 that its applications to become a bank holding company, become a financial holding company and acquire TransCommunity Financial Corporation (TFC) and BOE were approved subject to a 15-day waiting period.

The State Corporation Commission of the Commonwealth of Virginia also recently approved the acquisitions. Closing of the TFC and BOE mergers are also subject to receipt of the approvals of the shareholders of TFC and BOE and the stockholders of CBAC.