Genworth reaches agreement to purchase bank

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Genworth Financial announced it had reached a definitive agreement to purchase InterBank of Minnesota.

The Henrico County-based financial services firm is purchasing the bank to become eligible to receive money from the federal government.

The deal is contingent on Genworth’s ability to participate in the government’s Capital Repurchase Program and approval by the Office of Thrift Supervision.

Genworth’s stock closed Monday at $2.40. As recently as September, company stock was trading for $17 per share.

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