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EXHIBIT 5.1
OPINION OF VORYS, SATER, SEYMOUR AND PEASE LLP
November 2, 2009
Ohio Valley Banc Corp.
420 Third Avenue
Gallipolis, Ohio 45631
Ladies and Gentlemen:
We have acted as legal counsel to Ohio Valley Banc Corp., an Ohio corporation (the “Company”),
in connection with the registration statement on Form S-3 (the “Registration Statement”) being
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) under the
Securities Act of 1933, as amended (the “Act”), on the date hereof.
You have provided us with a draft of the Registration Statement in the form in which it will
be filed with the Commission. The Registration Statement includes a base prospectus (the
“Prospectus”), which provides that it will be supplemented in the future by one or more supplements
to the Prospectus (each, a “Prospectus Supplement”). The Prospectus provides for the offering of
the following securities: (i) the Company’s common shares, without par value (“Common Shares”), and
(ii) warrants to purchase Common Shares (“Warrants”). The Common Shares and Warrants are
collectively referred to as the “Securities.” The Securities may be offered and sold from time to
time pursuant to Rule 415 promulgated under the Act, in amounts, at prices and on terms to be
determined at the time of the offering thereof, at an aggregate initial offering price not to
exceed $35,000,000.
We have made such legal and factual examinations and inquiries, including an examination of
originals or copies certified or otherwise identified to our satisfaction of such documents,
corporate records and instruments, as we have deemed necessary or appropriate for purposes of this
opinion. In our examination, we have assumed the genuineness of all signatures, the authenticity
of all documents submitted to us as originals and the conformity to authentic original documents of
all documents submitted to us as copies. As to facts material to the opinions, statements and
assumptions expressed herein, we have, with your consent, relied upon oral or written statements
and representations of officers and other representatives of the Company and others. We have not
independently verified such factual matters.
In expressing our opinions below, we have assumed, with your consent, that:
(a) the Registration Statement (including any and all required post-effective amendments
thereto) will have become effective under the Act and will comply with all applicable laws;
(b) the Registration Statement (including any and all required post-effective amendments
thereto) will be effective under the Act and will comply with all applicable laws at the time the
Securities are offered or sold as contemplated by the Registration Statement (including any and all
required post-effective amendments thereto), the Prospectus and the applicable Prospectus
Supplement(s);
(c) no stop order suspending the effectiveness of the Registration Statement (including any
and all required post-effective amendments thereto) will have been issued and remain in effect at
the time the Securities are offered or sold;
(d) a Prospectus Supplement describing the Securities offered thereby and the offering thereof
and complying with all applicable laws will have been prepared and timely filed with the
Commission;
(e) the Securities will be offered and sold in the form and with the terms set forth in the
Registration Statement (including any and all required post-effective amendments thereto), the
Prospectus and the applicable Prospectus Supplement(s) and the Company’s organizational documents;
(f) the Securities will be offered and sold in compliance with all applicable federal and
state securities laws and in the manner stated in the Registration Statement (including any and all
required post-effective amendments thereto), the Prospectus and the applicable Prospectus
Supplement(s);
(g) the Company will have obtained any and all legally required consents, approvals,
authorizations and other orders of the Commission and any and all other regulatory authorities and
other third parties necessary to offer and sell the Securities being offered;
(h) the Securities will be offered and sold in compliance with all requirements and
restrictions, if any, applicable to the Company, whether imposed by any court or governmental or
regulatory body having jurisdiction over the Company;
(i) a definitive purchase, underwriting or similar agreement (each a “Purchase Agreement”)
with respect to any Securities offered and sold will have been duly authorized and validly executed
and delivered by the Company and the other parties thereto;
(j) any Securities issuable upon conversion, exchange or exercise of any other Security being
offered and sold will be duly authorized, created and, if appropriate, reserved for issuance upon
such conversion, exchange or exercise;
(k) the definitive terms of each class and/or series of Securities will have been established
in accordance with the authorizing resolutions of the Company’s board of directors (or a duly
authorized committee thereof), the Company’s articles of incorporation and applicable law; and
(l) the resolutions authorizing the Company to issue, offer and sell the Securities will have
been duly adopted by the Company’s board of directors and will be in full force and effect at all
times at which the Securities are offered or sold by the Company.
Our opinions expressed below are subject to the qualifications that we express no opinion as
to the applicability of, compliance with or effect of: (i) any bankruptcy, insolvency,
reorganization, preference, fraudulent conveyance, fraudulent transfer, moratorium or other similar
laws relating to or affecting the rights and remedies of creditors generally; (ii) general
principles of equity, whether considered in a proceeding in equity or at law (including the
possible unavailability of specific performance or injunctive relief), concepts of materiality,
reasonableness, good faith and fair dealing, and the discretion of the court before which a
proceeding is brought; or (iii) public policy considerations that may limit the rights of parties
to obtain certain remedies, including, without limitation, indemnification or contribution.
We have also assumed, with your consent, that: (i) the Warrants and any related warrant
agreement (collectively, the “Warrant Documents”) will be governed by the internal laws of the
State of Ohio; (ii) each of the Warrant Documents will be duly authorized, executed and delivered
by the parties thereto, including the financial institution identified therein as warrant agent
(the “Warrant Agent”); (iii) each of the Warrant Documents will constitute legally valid and
binding obligations of the parties thereto other than the Company, enforceable against each of them
in accordance with their respective terms; and (iv) the Warrant Agent (a) will be duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization, (b) will
be duly qualified to engage in the activities contemplated in the Warrant Agreement, (c) will be in
compliance at all applicable times, generally and with respect to acting as a Warrant Agent under
the Warrant Agreement, with all applicable laws and regulations, and (d) will have the requisite
organizational and legal power and authority to perform its obligations under the Warrant
Agreement.
We are opining herein only as to the federal laws of the United States and the internal laws
of the State of Ohio, in each case as in effect on the date of this opinion, and we express no
opinion with respect to the laws of any other jurisdiction or, in the case of Ohio, any matters of
municipal or local law. We express no opinion as to (i)
the securities or “blue sky” laws of any state to the offer or sale of the Securities or (ii)
the antifraud provisions of the securities or other laws of any jurisdiction.
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of
the date hereof:
1. Upon adoption by the board of directors of the Company of a resolution in form and
content as required by applicable law duly authorizing the issuance of Common Shares (with such
Common Shares, together with all Common Shares previously issued or reserved for issuance and not
duly and lawfully retired, not exceeding the then authorized Common Shares of the Company), and
upon issuance and delivery of, and payment of legal consideration for, such Common Shares in the
manner contemplated by such resolution, the Registration Statement,
the Prospectus, applicable
Prospectus Supplement(s) and all applicable law, such Common Shares will be validly issued, fully
paid and nonassessable.
2. When (a) a warrant agreement, if any, has been duly authorized by all necessary
corporate action of the Company (including, without limitation, the adoption by the board of
directors of the Company of a resolution in form and content as required by applicable law duly
authorizing the execution and delivery of such warrant agreement) and duly executed and delivered
by the Company, (b) the specific terms of a particular issuance of Warrants have been duly
established in accordance with such warrant agreement, if any, and all applicable law and
authorized by all necessary corporate action of the Company (including, without limitation, the
adoption by the board of directors of the Company of a resolution in form and content as required
by applicable law duly authorizing the issuance and delivery of the Warrants) and duly
authenticated by the Warrant Agent, and (c) the Warrants have been duly executed, issued and
delivered against payment therefor in accordance with such warrant agreement, if any, applicable
resolutions of the board of directors, any Purchase Agreement, the Registration Statement, the
Prospectus, applicable Prospectus Supplement(s) and all applicable law (and assuming the
satisfaction of the conditions described in paragraph 1 above with respect to our opinion regarding
any Common Shares issuable upon exercise of the Warrants), such Warrants will be legally valid and
binding obligations of the Company, enforceable against the Company in accordance with their terms.
This opinion is to be used only in connection with the offer and sale of the Securities while
the Registration Statement and any and all required post-effective amendments thereto are
effective.
This opinion is being delivered solely for the benefit of the Company and such other persons
as are entitled to rely upon it pursuant to applicable provisions of the Securities Act. This
opinion may not be used, quoted, relied upon or referred to for any other purpose nor may this
opinion be used, quoted, relied upon or referred to by any other person, for any purpose, without
our prior written consent.
We consent to your filing this opinion as an exhibit to the Registration Statement and to the
reference to our firm in the Prospectus under the heading “Legal Matters” in the prospectus
included therein. In giving such consent, we do not thereby admit that we are included in the
category of persons whose consent is required under Section 7 of the Act or the rules and
regulations of the Commission thereunder.
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Very truly yours,
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/s/ Vorys, Sater, Seymour and Pease LLP
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VORYS, SATER, SEYMOUR AND PEASE LLP |
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