Shareholders Approve Bay Banks of VA, VA BanCorp Merger
Shareholders of Bay Banks of Virginia, the holding company for Bank of Lancaster, and Virginia BanCorp, the holding company for Virginia Commonwealth Bank, voted in separate meetings to approve an agreement to merge.
Following the merger, these two community banks in Central Virginia will operate as a single entity under the Virginia Commonwealth Bank brand.
The parties plan to officially merge the holding companies and banks in early April, with combined assets expected to be more than $800 million.
“The shareholders of Bay Banks overwhelmingly agreed with those of Virginia BanCorp in the vision of a merger of equals,” said Randal R. Greene, president and CEO of Bay Banks of Virginia. “We will witness two locally owned community banks, each with more than 80 years of service to their communities, unite to serve our customers with new services and even greater financial strength.”
“Our shareholders are enthusiastic about adding new capabilities and services to current and new Central Virginia customers,” said C. Frank Scott, III, president and CEO of Virginia BanCorp. “It is important to note that we will continue to be locally owned and focused on Richmond and our Central Virginia customers. We will build on each bank’s reputation and provide new services within business banking, residential and commercial mortgages, and wealth management.”