The parent companies of Bank of Lancaster and Virginia Commonwealth Bank said Thursday that they plan to combine in a strategic merger of equals and relocate the headquarters for the combined company to the Richmond area.

Kilmarnock-based Bay Banks of Virginia Inc., which owns Bank of Lancaster, and Petersburg-based Virginia BanCorp Inc., the holding company for Virginia Commonwealth Bank, said the combined company would have about $794 million in assets and $633 million in deposits.

The combined holding company will be called Bay Banks of Virginia and its operating subsidiary will use the Virginia Commonwealth Bank name on its branches.

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