Industries Banking/Finance

Xenith-Hampton Roads Bankshares merger to close in late July

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The merger of Richmond-based Xenith Bankshares Inc. and Virginia Beach-based Hampton Roads Bankshares Inc. is expected to close later this month.

The expected closing date is July 29. The banking companies announced yesterday that the meger has received regulatory approval from the Federal Reserve. The companies’ shareholders are scheduled to vote on the deal on July 28.

The combined company will be called Xenith Bankshares and be based in Richmond. When the deal was announced in February, it was valued at $107.2 million. The company is expected to have total assets of almost $3 billion and combined deposits of $2.5 billion.

T. Gaylon Layfield III, the president and CEO of Xenith, will become CEO of the combined company while Donna Richards, president of the Bank of Hampton Roads, will become president and chief operating officer.

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