THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Monday, November 20, 1995 TAG: 9511190089
SECTION: BUSINESS WEEKLY PAGE: 12 EDITION: FINAL
SOURCE: BUSINESS WEEKLY
LENGTH: Medium: 60 lines
Weak institutions haven't been the only ones under pressure to find a buyer. Up and down the East Coast, many community banks that weathered the turmoil of the past decade have been seeking acquirers, said consultant Arnold G. Danielson of a Rockville, Md..
That's because some shareholders wonder about their institutions' prospects for continued growth and the rich prices that acquiring banks have been paying.
``They are hearing speeches that the acquisition market may have reached its peak,'' Danielson said.
Princess Anne Bank is the latest in a string of local community banks started in the 1980s to be sold. Three others have been acquired and folded into larger banks:
Coastal Virginia Bank
Headquarters: Virginia Beach
Opened: 1987
Sale: in 1992 to Bank of Hampton Roads, Chesapeake
Community Trust Bank
Headquarters: Portsmouth
Opened: 1986
Sale: in 1991 to Crestar Bank, Richmond
People's Bank of Virginia Beach
Headquarters: Virginia Beach
Opened: 1988
Sale: in 1993 to Jefferson National Bank, Charlottesville
Three other banks launched in the region during the middle and late 1980s remain independent:
Bank of Hampton Roads:
Headquarters: Chesapeake
Opened: 1987
Assets: $115.87 million (June 30)
Branches: 9
Bank of Tidewater:
Headquarters: Virginia Beach
Opened: 1985
Assets: $128.17 million (June 30)
Branches: 5
Resource Bank
Headquarters: Virginia Beach
Opened: 1988; change in management and infusion of fresh capital in late 1992
Assets: $73.25 million (June 30)
Branches: 1 by CNB