Xenith’s headquarters is downtown at the James Center.
Richmond is now home to a much larger Xenith Bank.
The downtown-based bank on Friday finalized its deal to be absorbed into Hampton Roads Bankshares, creating a $3 billion institution that will continue to carry the Xenith brand and will keep its combined headquarters in Richmond.
The deal, valued at about $117 million, was announced in February and gives the new Xenith more than 40 branches in a territory that spans from Northern Virginia, the Eastern Shore, Hampton Roads, Richmond and down into Raleigh.
Gaylon Layfield, Xenith’s founding CEO who remains at the helm of the combined companies, said while HRB is technically the acquirer, both sides view the deal as a true merger.
Gaylon Layfield
“It’s genuinely two institutions coming together that are complementary in a multitude of ways,” said Layfield, who led the creation of Xenith in 2009 by acquiring SuffolkFirst Bank in Hampton Roads.
The transaction brings together HRB’s $2 billion franchise that operated the Bank of Hampton Roads, Gateway Bank and Shore Bank brands. Xenith brought to the table $1 billion in assets.
It marries Xenith’s focus on business and commercial clients with HRB’s larger consumer banking and residential mortgage operations.
Xenith has always kept a low profile with its branch presence, preferring to tuck most of its eight offices away in larger office buildings, rather than traditional standalone retail branches. It now is part of HRB’s more visible network of 34 branches.
“We’re in Richmond and greater Washington. They have a large footprint in Hampton Roads, Baltimore, a nice deposit base on the Eastern Shore, a mortgage company and a branch in Raleigh,” Layfield said. “If you think about attractive markets, those are some of the best markets in the country.”
The combined companies will maintain Xenith’s headquarters in the James Center. As of this morning (Monday), all of HRB’s branches opened as Xenith Bank branches. That includes its three Gateway Bank branches in the Richmond market.
With its expanded clout that comes with a combined $400 million in capital, Layfield said Xenith now has the size to continue grow both internally and potentially through other mergers and acquisitions.
“We’ll also now be better-positioned on the M&A side to be prepared at the appropriate time,” he said. “We will absolutely be interested in growth through disciplined M&A activity.”
Xenith’s headquarters is downtown at the James Center.
Richmond is now home to a much larger Xenith Bank.
The downtown-based bank on Friday finalized its deal to be absorbed into Hampton Roads Bankshares, creating a $3 billion institution that will continue to carry the Xenith brand and will keep its combined headquarters in Richmond.
The deal, valued at about $117 million, was announced in February and gives the new Xenith more than 40 branches in a territory that spans from Northern Virginia, the Eastern Shore, Hampton Roads, Richmond and down into Raleigh.
Gaylon Layfield, Xenith’s founding CEO who remains at the helm of the combined companies, said while HRB is technically the acquirer, both sides view the deal as a true merger.
Gaylon Layfield
“It’s genuinely two institutions coming together that are complementary in a multitude of ways,” said Layfield, who led the creation of Xenith in 2009 by acquiring SuffolkFirst Bank in Hampton Roads.
The transaction brings together HRB’s $2 billion franchise that operated the Bank of Hampton Roads, Gateway Bank and Shore Bank brands. Xenith brought to the table $1 billion in assets.
It marries Xenith’s focus on business and commercial clients with HRB’s larger consumer banking and residential mortgage operations.
Xenith has always kept a low profile with its branch presence, preferring to tuck most of its eight offices away in larger office buildings, rather than traditional standalone retail branches. It now is part of HRB’s more visible network of 34 branches.
“We’re in Richmond and greater Washington. They have a large footprint in Hampton Roads, Baltimore, a nice deposit base on the Eastern Shore, a mortgage company and a branch in Raleigh,” Layfield said. “If you think about attractive markets, those are some of the best markets in the country.”
The combined companies will maintain Xenith’s headquarters in the James Center. As of this morning (Monday), all of HRB’s branches opened as Xenith Bank branches. That includes its three Gateway Bank branches in the Richmond market.
With its expanded clout that comes with a combined $400 million in capital, Layfield said Xenith now has the size to continue grow both internally and potentially through other mergers and acquisitions.
“We’ll also now be better-positioned on the M&A side to be prepared at the appropriate time,” he said. “We will absolutely be interested in growth through disciplined M&A activity.”