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| Wachtell, Lipton, Rosen & Katz |
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MARTIN LIPTON HERBERT M. WACHTELL PAUL VIZCARRONDO, JR. PETER C. HEIN HAROLD S. NOVIKOFF THEODORE N. MIRVIS EDWARD D. HERLIHY DANIEL A. NEFF ANDREW R. BROWNSTEIN PAUL K. ROWE MARC WOLINSKY DAVID GRUENSTEIN STEVEN A. ROSENBLUM JOHN F. SAVARESE SCOTT K. CHARLES JODI J. SCHWARTZ ADAM O. EMMERICH GEORGE T. CONWAY III RALPH M. LEVENE RICHARD G. MASON MICHAEL J. SEGAL | DAVID M. SILK ROBIN PANOVKA DAVID A. KATZ ILENE KNABLE GOTTS JEFFREY M. WINTNER TREVOR S. NORWITZ BEN M. GERMANA ANDREW J. NUSSBAUM RACHELLE SILVERBERG STEVEN A. COHEN DEBORAH L. PAUL DAVID C. KARP RICHARD K. KIM JOSHUA R. CAMMAKER MARK GORDON JOSEPH D. LARSON LAWRENCE S. MAKOW JEANNEMARIE O’BRIEN WAYNE M. CARLIN STEPHEN R. DiPRIMA NICHOLAS G. DEMMO | 51 WEST 52ND STREET | IGOR KIRMAN JONATHAN M. MOSES T. EIKO STANGE DAVID A. SCHWARTZ JOHN F. LYNCH WILLIAM SAVITT ERIC M. ROSOF MARTIN J.E. ARMS GREGORY E. OSTLING DAVID B. ANDERS ANDREA K. WAHLQUIST ADAM J. SHAPIRO NELSON O. FITTS JOSHUA M. HOLMES DAVID E. SHAPIRO DAMIAN G. DIDDEN IAN BOCZKO MATTHEW M. GUEST DAVID E. KAHAN DAVID K. LAM BENJAMIN M. ROTH | JOSHUA A. FELTMAN ELAINE P. GOLIN EMIL A. KLEINHAUS KARESSA L. CAIN RONALD C. CHEN GORDON S. MOODIE DONGJU SONG BRADLEY R. WILSON GRAHAM W. MELI GREGORY E. PESSIN CARRIE M. REILLY MARK F. VEBLEN VICTOR GOLDFELD EDWARD J. LEE BRANDON C. PRICE KEVIN S. SCHWARTZ MICHAEL S. BENN SABASTIAN V. NILES ALISON ZIESKE PREISS |
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NEW YORK, N.Y. 10019-6150 |
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TELEPHONE: (212) 403 -1000 |
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FACSIMILE: (212) 403 -2000 |
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GEORGE A. KATZ (1965-1989) |
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JAMES H. FOGELSON (1967-1991) |
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LEONARD M. ROSEN (1965-2014) |
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OF COUNSEL |
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WILLIAM T. ALLEN MICHAEL H. BYOWITZ PETER C. CANELLOS DAVID M. EINHORN KENNETH B. FORREST THEODORE GEWERTZ MAURA R. GROSSMAN RICHARD D. KATCHER MEYER G. KOPLOW DOUGLAS K. MAYER ROBERT B. MAZUR MARSHALL L. MILLER PHILIP MINDLIN ROBERT M. MORGENTHAU | DAVID M. MURPHY DAVID S. NEILL BERNARD W. NUSSBAUM LAWRENCE B. PEDOWITZ ERIC S. ROBINSON PATRICIA A. ROBINSON* ERIC M. ROTH MICHAEL W. SCHWARTZ STEPHANIE J. SELIGMAN ELLIOTT V. STEIN WARREN R. STERN PATRICIA A. VLAHAKIS ANTE VUCIC AMY R. WOLF | |||||
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| DAVID M. ADLERSTEIN | PAULA N. GORDON |
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| AMANDA K. ALLEXON | NANCY B. GREENBAUM |
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| LOUIS J. BARASH | MARK A. KOENIG |
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| FRANCO CASTELLI | LAUREN M. KOFKE |
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| DIANNA CHEN | J. AUSTIN LYONS |
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| ANDREW J.H. CHEUNG | ALICIA C. McCARTHY |
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| PAMELA EHRENKRANZ | AMANDA N. PERSAUD |
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| UMUT ERGUN | S. CHRISTOPHER SZCZERBAN |
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| KATHRYN GETTLES-ATWA | JEFFREY A. WATIKER |
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| ADAM M. GOGOLAK |
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June 27, 2016
VIA HAND DELIVERY AND EDGAR
Michael Clampitt
Senior Counsel
Office of Financial Services
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: Hampton Roads Bankshares, Inc.
Amendment No. 1 to Registration Statement on Form S-4
Filed May 23, 2016
File No. 333-210643
Dear Mr. Clampitt:
On behalf of Hampton Roads Bankshares, Inc. (the “Company”), and in response to the comments of the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) to Amendment No. 1 to the Company’s registration statement on Form S-4 filed
with the Commission on May 23, 2016 (the “Registration Statement”) contained in your letter dated June 23, 2016 (the “Comment Letter”), I submit this letter containing the Company’s responses to the Comment Letter. In connection with this letter, the Company is filing an amendment to the Registration Statement (“Amendment No. 2”) on the date hereof, and we are separately furnishing to the Staff six courtesy copies of Amendment No. 2 marked to show the changes made to the Registration Statement.
The responses set forth in this letter are numbered to correspond to the numbered comments in the Comment Letter. For your convenience, we have set out the text of the comments from the Comment Letter followed by our responses. Page numbers referenced in the responses refer to page numbers in Amendment No. 2.
Unaudited Pro Forma Condensed Combined Financial Statements
Adjustment (F), page 26
Please expand your adjustment related to the reversal of substantially all of the valuation allowance on your net deferred tax asset to describe the sources of taxable income that you relied upon in supporting that a valuation allowance was not necessary. In addition, describe the uncertainties, assumptions, and limitations associated with your reliance on the incremental projected taxable income resulting from the acquisition of Xenith Bankshares, Inc.
Response: In response to the Staff’s comment, the Company has revised the disclosure on pages 26 and 27.
Critical Accounting Policies
Valuation of Deferred Taxes, page 100
Please expand your discussion and analysis of your partial release of your valuation allowance against deferred tax assets to describe the material uncertainties, assumptions, and limitations associated with your projected taxable income. In this regard, your disclosures should address, at a minimum, the following:
· how you relied on projections through the expiration dates of current NOLs of 2035 and beyond;
· how you relied on projections of significant increases in taxable income during the span of your projections;
· how your projections of increases compare to your recent experience;
· how, in qualitative and quantitative terms, the ability to utilize your NOLs to offset future taxable income would be substantially limited; and
· the key assumptions that lead to the significant increases in taxable income.
Response: In response to the Staff’s comment, the Company has revised the disclosure on pages 101, 102 and 103.
* * * * * *
In the event that the Company requests acceleration of the effective date of the Registration Statement, as amended, the Company acknowledges that:
· should the Commission or the Staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;
· the action of the Commission or the Staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and
· the Company may not assert Staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
We hope that the foregoing, and the revisions to the Registration Statement, have been responsive to the Staff’s comments. If you have any questions or comments regarding the foregoing, please do not hesitate to contact me at (212) 403-1341 or by email at MGuest@wlrk.com.
| Sincerely, |
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| /s/ Matthew M. Guest |
| Matthew M. Guest |
cc. Charles M. Johnston, Hampton Roads Bankshares, Inc.
