Bay Banks of Virginia Inc., holding company for Virginia Commonwealth Bank, formerly known as Bank of Lancaster, and Bay Trust Company, on April 3 announced the completion of the previously-announced merger with Virginia BanCorp Inc. and its subsidiary, Virginia Commonwealth Bank.
The combined entity has assets exceeding $800 million and will have its corporate headquarters in Richmond.
“The agreement that was reached last year as a merger of equals is now a reality,” said president and chief executive officer Randal R. Greene. “Our merger represents an important force for the financial growth of our current and future customers as well as the Central Virginia economy.”
“Our shared vision for offering exceptional financial resources with a true community bank focus on our customers is a great asset for the region,” said bank holding company board of directors chairman C. Frank Scott III.
Virginia Commonwealth Bank will leverage the strength of the two entities and its employees to offer premier services to consumers, businesses and wealth management.
Gary Armstrong, a 31-year banking veteran who previously served as Park Sterling Bank’s Richmond market president, will serve as Virginia Commonwealth Bank’s executive vice president, Richmond market executive. Armstrong has a solid background in business banking.
Eric Nost, a certified financial planner, will serve as president of a new wealth management organization, Virginia Commonwealth Bank Trust and Wealth Management.
In November of last year, Bay Banks of Virginia Inc. and Virginia BanCorp Inc. signed a definitive agreement to merge. The holding company for Virginia Commonwealth Bank will continue as Bay Banks of Virginia Inc.
“We are now in the process of converting the two banking systems into one and introducing the employees of 19 branch locations to each other and our vision for offering uncommon service to our customers,” said Greene.
While the merger is now official, Bank of Lancaster branches will fully convert to Virginia Commonwealth Bank once the bank operating systems are integrated during the third quarter of 2017.
“We are committed to making the transition as seamless as possible for our customers and employees,” said Greene.