The bank filed its latest proxy disclosing the compensation packages paid to its top executives in 2011.
Chairman and CEO Jack Zoeller received $288,000 in total compensation last year. Zoeller took the helm toward the end of 2010 when his Cordia Bancorp bought a majority stake of Bank of Virginia and brought in a new management team.
COO Richard Dickinson received $164,000 in total compensation in 2011. Chief Credit Officer Roy Barzel received $142,000 in total pay. CFO Nancy Corsiglia received $193,000 in total pay, up from $128,000 in 2010.
BofVA also disclosed that it is seeking shareholder approval for a reverse stock split that would decrease the number of outstanding shares, and ideally increase the value of the shares. It’s trying to avoid being delisted from the Nasdaq market because its share price hasn’t traded above $1 per share for a required number of days. It is considering one of five reverse stock split ratios: 1-for-2, 1-for-3, 1-for-4, 1-for-5, or 1-for-10. If approved it would aim to complete the split by Nov. 30.
The bank’s annual shareholders meeting will be held June 28 at the Hampton Inn 3620 Price Club Blvd. in Midlothian at 11 a.m.
Owens & Minor (OMI)
O&M entered into a five-year, $350 million credit agreement with Wells Fargo, JPMorgan Chase Bank and others. The new agreement replaces an existing $350 million line of credit that was set to expire on June 7, 2013. The company has the ability to request a $150 million increase.
Universal Corp. (UVV)
James Huffman, an officer at one of the company’s subsidiaries, exercised stock appreciation rights for 5,334 shares at $36.03 or $192,000. He then sold 4,555 shares at $45.93 each or $209,000. In separate transaction Huffman sold 779 shares for $46.35 or $36,000. He owns around 25,000 shares.
Theodore Broome, an officer at a Universal subsidiary, exercised options for 12,000 shares at an average share price of $37.62 and a total of $452,000. He then sold a total of 13,100 shares for a total sale price of $598,000.