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Bay Banks of Virginia, Virginia BanCorp complete MOE

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Bay Banks of Virginia, Virginia BanCorp complete MOE

In Virginia, Kilmarnock-based Bay Banks of Virginia Inc. and Petersburg-based Virginia BanCorp Inc. on April 3 completed their merger of equals, according to a press release.

Upon deal closing, Bay Banks became the holding company for the combined unit, which will operate as Virginia Commonwealth Bank. The bank has combined assets of more than $800 million and 19 locations, and will be headquartered in Richmond, Va. Furthermore, branches of Bay Banks' unit, Bank of Lancaster, will convert to Virginia Commonwealth branches following the integration of the bank operating systems in the third quarter.

In connection with the deal closing, Gary Armstrong, who is Bank of Lancaster's executive vice president and Richmond market executive, will join and keep his positions in the combined bank. Eric Nost also joined the bank as president and CEO of its new unit, Virginia Commonwealth Bank Trust and Wealth Management. Nost previously was president of C&F Wealth Management Corp., a unit of West Point, Va.-based Citizens and Farmers Bank.