SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1933
Date of Report (date of earliest event reported) November 17, 1997
BAY BANKS OF VIRGINIA, INC.
(Exact name of registrant as specified in its charter)
Virginia 33-22579 54-1838100
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
100 South Main Street
Kilmarnock, Virginia 22482
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (804)435-1171
Item 2. Acquisition or Disposition of Assets
The Bank of Lancaster (the "Bank"), a wholly owned subsidiary of Bay
Banks of Virginia, Inc., a bank holding company organized under the laws of
Virginia (the "holding company"), acquired two branches of Signet Bank from
Union Bankshares Corporation. Please refer to the following Press Release dated
November 17, 1997.
Contact: Hazel Pittman FOR IMMEDIATE RELEASE
Phone: 804-435-1171 November 17, 1997
BANK OF LANCASTER AND UNION BANKSHARES
ANNOUNCE BRANCH SALE
(KILMARNOCK, VA.; BOWLING GREEN, VA.) Austin L. Roberts, III, President and
Chief Executive Officer of Bank of Lancaster, Kilmarnock, together with G.
William Beale, President and Chief Executive Officer of Union Bankshares
Corporation, Bowling Green, jointly announced today that an agreement has been
reached for Bank of Lancaster to purchase from Union Bankshares the Signet
branches located in Montross and Warsaw, Virginia. In connection with its
transaction with Signet, Union was required to sell the branches in order not to
exceed the deposit market share limitations mandated by the federal regulatory
agencies. These two offices have aggregate deposits of approximately $24.5
Million.
Said acquisition requires the approval of various regulatory agencies
and the satisfaction of certain other standard conditions. It is expected that
the acquisition will close early February l998.
With the Montross and Warsaw offices, Bank of Lancaster will have five
locations in the Northern Neck to include its Main Office and a branch located
in Kilmarnock and a branch in White Stone.
In making this announcement, President and CEO Austin Roberts advised
that "Bank of Lancaster is extremely pleased and excited about the opportunity
to enter these new markets and to bring with us the friendly, personal and
professional service that has become our Bank's trademark over the past 68
years." He reported that the Bank's Strategic Plan speaks directly to branching
opportunities and he feels these two offices provide a significant step in
meeting the objectives of this Plan. Roberts stated, "We feel there is no
substitute for the service and flexibility provided by a hometown, community
Bank. It is our desire as we enter these new markets to show our commitment to
provide not only quality products and service but to also show our commitment to
pay our `civic rent' and to do whatever we can to improve the quality of life in
the communities we are proud to serve. This has been and will continue to be a
part of our Bank's mission, and we look forward to continuing this philosophy as
we proudly serve the residents of both Montross and Warsaw."
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized, on November 17, 1997.
BAY BANKS OF VIRGINIA, INC.
By: /s/ Paul T. Sciacchitano
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Paul T. Sciacchitano
Treasurer
