Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Power Up Virginia 500
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Power Up Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Advertisement

Header Primary Menu

  • Issues
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Power Up Virginia 500
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Power Up Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Home Other Lifestyle outside Bay Banks of Virginia Inc. announces workforce reduction

Bay Banks of Virginia Inc. announces workforce reduction

Published December 18, 2015 by Veronica Garabelli

Bay Banks of Virginia Inc. announced Friday it is eliminating nine positions.

The holding company for Kilmarnock-based Bank of Lancaster and Bay Trust Co., says lobby traffic has declined substantially during the past several years, largely because of an increase in the use of technology and “the many alternative retail delivery channels available to our customers.”

The company says it offered early retirement packages to employees who are 55 years of age or older with 10 or more years of service.  Five employees opted to take the early retirement.

When the workforce reductions go into effect at the end of the year, the company’s ratio of assets per employee will increase from $3.5 million to $3.8 million.

Elimination of the nine positions is expected to save the company  $418,000 annually, not including severance costs of $133,000.
Bay Banks. reported earnings of $281,000 for the quarter ended Sept. 30, compared to $512,000 for the same quarter in 2014.  For the nine months ended Sept. 30, earnings were $956,000 compared to $1.2 million for the same period in 2014.

Bank of Lancaster was founded in 1930. It has banking branches in the Northern Neck and Richmond plus a residential lending production office in Middlesex County.  Bay Trust Co. provides management services for personal and corporate trusts.

Related Stories

Virginia Business logo

NII Holdings says it likely will file for Chapter 11

Virginia Business logo

Sentara Healthcare commits $130 million in financial support for the Eastern Virginia Medical School

Virginia Business logo

Carry-On Trailer plans expansion in Westmoreland County

Trending

TowneBank to acquire Farmers Bank

Sentara Health Plans names new leader

258 Va. companies make this year’s Inc. 5000

Chesapeake warehouse sells for $13.59M

Va. Beach honors Ramon W. Breeden Jr.

Sponsored Stories

Creating An Urban Destination in Chesapeake

5 surprising facts employers should know about voluntary benefits

What Supply Chain Problems should you be planning for in 2023?

Advertisement

Advertisement

Trending

TowneBank to acquire Farmers Bank

Sentara Health Plans names new leader

258 Va. companies make this year’s Inc. 5000

Chesapeake warehouse sells for $13.59M

Va. Beach honors Ramon W. Breeden Jr.

Sponsored Stories

Creating An Urban Destination in Chesapeake

5 surprising facts employers should know about voluntary benefits

What Supply Chain Problems should you be planning for in 2023?

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2022 Virginia Business. All rights reserved.

Site Maintained by TechArk