Bank of Lancaster from the Northern Neck and central Virginia’s, Virginia
Commonwealth Bank, are now one and based in Henrico County. The merger of the two
80-plus-year-old community banks was completed Monday.
Petersburg-based Virginia BanCorp Inc., the holding company for Virginia
Commonwealth Bank, and Kilmarnock-based Bay Banks of Virginia Inc., the holding
company for Bank of Lancaster, announced their merger of equals in November.
With assets of $800 million, the combined entity will operate as Virginia Commonwealth
Bank. Signs will not change until the two bank operating systems are converged in
November. The holding company of the combined bank is Bay Banks of Virginia Inc.
The combined entity employs about 90 people and the combined bank has a total of 19
branches — 11 Bank of Lancaster offices and eight Virginia Commonwealth Bank
offices. No branches overlap, so no closures are expected with the merger.
Virginia Commonwealth Bank, founded in 1936 as First Federal Savings and Loan
Association of Petersburg, became a state-chartered community bank in 2008. Its eight
banking offices are in the Tri-Cities, Suffolk, Chesterfield County and Henrico.
Bank of Lancaster, which was founded in the 1930s, operates eight branches in the
Northern Neck and Middlesex County and three in the Richmond area.