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Bay Banks of Virginia Announces Second Quarter 2017 Dividend

05-Jul-2017 RICHMOND, Va., June 30, 2017; Randal R. Greene, President and Chief Executive Officer of Bay Banks of Virginia, Inc. (OTCQB: BAYK), parent company of Virginia Commonwealth Bank (formerly known as Bank of Lancaster) and VCB Financial Group, announced its Board of Directors has declared a quarterly cash dividend to shareholders of $0.04 per common share, payable July 24, 2017, to shareholders of record July 11, 2017.

 

Greene stated, "We believe the ability to return value to our shareholders is a positive indication of the Company's financial strength and our confident outlook for the future."

Greene continued, “our earnings improvement is due in part to the completion of our recent merger which combined two historic community banks in Central and Eastern Virginia. The combined assets of Virginia Commonwealth Bank of Petersburg, VA, and Kilmarnock-based Bank of Lancaster is $859.8 million as of June 30, 2017. Over the past year, on a combined basis, our loan portfolio increased $81.8 Million while our deposits increased $63.2 Million. Since loans represent our greatest earning asset, this increase has made a significant contribution to the growth we have seen in our earnings.

Susan Pittman, Senior Vice President, Northern Neck Market Leader added, “it is always gratifying to us as community bankers to be able to take our deposits and reinvest those funds back into our communities through loans for new homes, businesses and endeavors that improve the quality of life for all of us who are privileged to live here. That is community banking at its best and what we do best.”

“Today we have a strong, proven foundation. We bring to the table one of the most experienced, knowledgeable, financial teams you could find anywhere. We will continue on our journey towards excellence by systematically improving our branch offices, expanding our retail delivery network, supporting our communities, and giving our employees the opportunities to grow both professionally and personally. With a complete array of financial products and services to take our customers from their first savings account to estate planning, we are positioned well to meet the needs of our customers for generations to come,” stated Greene.


About Bay Banks of Virginia
Bay Banks of Virginia, Inc. is the holding company for Virginia Commonwealth Bank and VCB Financial Group. Founded in the 1930’s, Virginia Commonwealth Bank and the former Bank of Lancaster are now combined and headquartered in Richmond, Virginia. With nineteen banking offices located throughout the Richmond market area, the Northern Neck region, Tri-Cities area of Petersburg, Hopewell and Colonial Heights, Middlesex County and Suffolk, the bank serves businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking, investment services, and mortgage banking. VCB Financial Group provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration.
For further information, contact Randal R. Greene, President and Chief Executive Officer, at 800-435-1140 or inquiries@baybanks.com.


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