Xenith and First Bankshares complete merger

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Xenith Corp. and Suffolk-based First Bankshares completed their merge Tuesday.

The company, now known as Xenith Bankshares Inc., will be based in Richmond.

Xenith opened in 2008 with plans to become an independent bank, but the changing banking regulatory environment and economic conditions forced the bank to change its strategy and partner with an established bank. First Bankshares, the holding company for SuffolkFirst Bank, opened in 2002.

The merger will allow the First Bankshares to expand its market and increase capital.

T. Gaylon Layfield III, former president and CEO of Xenith Corp., will stay in that role for Xentih Bankshares. Darrell G. Swanigan, the former president and CEO of First Bankshares, will become executive vice president and president of the Hampton Roads region. Thomas W. Osgood, the former CFO and chief administrative officer for Xenith Corp., will keep those titles at Xenith Bankshares.
Xenith Bankshares is not the holding company for SuffolkFirst Bank. The three Suffolk branches will continue to do business as SuffolkFirst Bank.

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