A year ago, with Albemarle First’s stock price on the decline and the local bank hurting from losing millions in a 2003 check-kiting scam, their largest shareholder declared that it was time for them to sell out to a bigger bank. Washington D.C. financial holding company Millennium Bankshares obliged, buying Albemarle First last June. Or so it seemed.
Today comes the news that Millennium Bankshares shareholders voted down the acquisition, ending the transaction. Millennium’s shares climbed 6% on the news; Albemarle First’s dropped 23%.
Presumably, Albemarle First shareholders are as eager as ever to see the bank bought out. It will be curious to see if they can round up any new suitors.
11:47pm Update: A reader points out that The Hook saw this coming two months ago.