THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, July 1, 1995 TAG: 9507010453
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 32 lines
James River Bankshares Inc., parent of Bank of Suffolk and Bank of Waverly, announced agreements Friday to acquire two more community banks in the region.
Suffolk-based James River said it will buy First Colonial Bank, a Hopewell-based thrift, and Bank of Isle of Wight in Smithfield through exchanges of stock.
James River, which began operating June 1, said it will swap about $13 million of its stock for First Colonial and about $6 million of stock for the Bank of Isle of Wight.
Both institutions will become wholly owned subsidiaries of James River and continue to operate with their current names, managements and boards of directors.
James River said it expects to complete the acquisitions by early 1996. The agreements still must be approved by the shareholders of the two banks and by banking regulators.
The combination of First Colonial and Bank of Isle of Wight with James River Bankshares would provide the bank holding company with about $311 million of assets. by CNB