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Done deal: Petersburg, Kilmarnock banks close $29M merger

Michael Schwartz April 3, 2017 0

Virginia Commonwealth Bank and Bank of Lancaster will move its combined headquarters to 1801 Bayberry Court in the West End.

Virginia Commonwealth Bank and Bank of Lancaster will move its combined headquarters to 1801 Bayberry Court in the West End.

Virginia Commonwealth Bank and Bank of Lancaster are now one after consummating their merger on Saturday.

The deal, valued around $29 million, created a combined $800 million institution that is relocating its combined headquarters to Richmond’s West End, and will operate under the Virginia Commonwealth Bank flag.

Its combined 19 branches span from the Northern Neck through Richmond, and down to the Tri-Cities. Its publicly traded holding company will use the name of Bank of Lancaster’s parent company, Bay Banks of Virginia.

VCB chief executive Frank Scott is now chairman of the combined holding company and president of the combined bank. Bank of Lancaster CEO Randy Greene serves as vice chairman and CEO of the combined bank and holding company.

There’s at least one pending merger still in the works locally – with EVB headed toward a marriage with McLean-based Sonabank.

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