Atlantic Bay Mortgage and Virginia Community Bank are set to merge in an all-stock transaction.
Under the unanimous agreement between Virginia Community Bank’s board of directors and the manager and members of Atlantic Bay, the bank’s holding company will be terminated and will be managed as the Atlantic Bay Bank.
A $20 million offering of the bank’s common stock is expected to be complete when it is closed sometime during the fourth quarter of 2017.
Atlantic Bay CEO Brian Holland said the merger will benefit both entities.
“This has been part of our strategic plan for a number of years and it was all about finding the right partner,” he said.
