Blue Ridge and Bay Banks to combine in strategic merger

Blue Ridge Bankshares Inc., the parent holding company of Blue Ridge Bank, National Association, and Bay Banks of Virginia Inc., the parent holding company of Virginia Commonwealth Bank, recently jointly announced the signing of a definitive merger agreement pursuant to which the companies will combine in an all-stock merger to create a leading Virginia-based community bank with a pro forma total market capitalization approaching $200 million.

Under the terms of the merger agreement, unanimously approved by the boards of directors of both companies, Bay Banks shareholders will receive 0.50 shares of Blue Ridge common stock for each share of Bay Banks common stock they own, according to a press release posted at baybanks.com. Upon completion of the merger, Bay Banks shareholders will own approximately 54% and Blue Ridge shareholders will own approximately 46% of the combined company.

The combined company and bank will operate under the Blue Ridge name and will trade under…

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