Xenith Bank Hampton Roads Business and Finance News

Xenith Bank has been serving the Hampton Roads community for over 90 years, with a long history of providing financial services to individuals and businesses.

Xenith Bank has a strong presence in the region, with multiple branches and ATMs located throughout Hampton Roads, making it easy for customers to access their accounts and conduct financial transactions.

Xenith Bank offers a range of financial products and services, including personal and business checking and savings accounts, loans, and credit cards.

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Xenith Bank Hampton Roads has been making waves in the financial industry with its recent merger updates. The bank's merger with another financial institution has expanded its services and offerings to customers.

The merger has resulted in the creation of a new entity with a combined asset base of over $5 billion. This significant increase in assets will enable the bank to offer more competitive loan rates and terms to its customers.

One of the key benefits of the merger is the increased access to capital for businesses and individuals. With a larger asset base, the bank can provide more financing options and better credit terms to its customers.

The merger has also led to the creation of new job opportunities within the bank. Xenith Bank Hampton Roads has committed to hiring additional staff to support the growth of the bank and its customers.

The merger is expected to be completed by the end of the year, pending regulatory approval. This will bring about a new era of financial services for Xenith Bank Hampton Roads customers.

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Xenith Bank and Hampton Roads Bankshares have announced a definitive agreement to merge, creating the fifth-largest community bank by deposits in Virginia.

The combined company will have pro forma total assets of $2.9 billion and combined deposits of $2.5 billion.

The transaction will be valued at approximately $107.2 million.

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Xenith shareholders will receive 4.4 shares of HRB common stock for each share of Xenith common stock.

T. Gaylon Layfield, III, will serve as chief executive officer of the combined company.

Donna Richards will serve as president and chief operating officer.

The combined company will adopt the Xenith Bankshares name for the holding company and the Xenith Bank name for all banking operations.

The headquarters for the combined organization will be in Richmond, Virginia.

The leadership team is experienced and ready to lead the organization.

Charles M. Johnston, HRB’s chairman of the board and interim CEO, has full confidence that this partnership will achieve great success in the future.

The combination is subject to regulatory approval, approval of HRB’s and Xenith’s shareholders and other customary closing conditions.

The transaction is expected to close in the third quarter of 2016.

Xenith Bank currently has two locations in Richmond, two in Gloucester, one in Herndon and three in Suffolk.

Hampton Roads Bankshares operates 34 branches under the Bank of Hampton Roads, Gateway Bank and Shore Bank names.

The Hampton Roads Bankshares holding company was formed in 2001, but Bank of Hampton Roads opened in 1987.

Xenith Bank was founded in 2009.

Sandler O’Neill & Partners, L.P. and Wachtell, Lipton, Rosen & Katz served as financial and legal advisors, respectively, to Hampton Roads Bankshares, Inc.

Macquarie Capital and Hunton & Williams LLP served as financial and legal advisors, respectively, to Xenith Bankshares, Inc.

Charles M. Johnston intends to retire from the company and the Board at the closing of this transaction.