Treasury exits stake in Xenith Bankshares
Xenith Bankshares disclosed in a regulatory filing: "On December 31, 2008, Xenith Bankshares entered into a Letter Agreement and Securities Purchase Agreement - Standard Terms with the United States Department of the Treasury, pursuant to which the Treasury purchased (i) shares of the company's preferred stock and (ii) a warrant to purchase shares of the company's common stock . On August 12, 2010, the company entered into an Exchange Agreement with the Treasury, pursuant to which (i) the Treasury exchanged the Original Preferred Shares for newly issued shares of the company's preferred stock, which the Treasury immediately converted into shares of the company's common stock , and (ii) the terms of the Warrant were amended. The Treasury subsequently sold the Exchanged Shares in an underwritten public offering. On September 13 , the company repurchased the Warrant from the Treasury for an aggregate cash purchase price of $1,671,000, the fair market value of the Warrant as agreed upon by the company and the Treasury, and cancelled the Warrant. Following the company's repurchase of the Warrant, the Treasury has no remaining equity stake in the company.