Hampton Roads Completes Branch Sale

Hampton Roads Bankshares Inc. in Norfolk, Va., has completed the sale of a Gateway Bank branch to Blue Ridge Bankshares Inc. in Luray, Va.

The banks did not say how much Blue Ridge paid. The $131.6 million-asset Blue Ridge bought all the deposits and selected assets from the Gateway Bank branch in Charlottesville, Va., in June.

The $2.4 billion-asset Hampton Roads also announced that it had closed its Bank of Hampton Roads branch at 3801 Pacific Avenue in Virginia Beach, Va., with the accounts being transferred to another branch in the city. Plans for the closure were announced in July.

In June, Hampton Roads said it was looking to sell 10 branches and its mortgage and insurance businesses to cut costs and focus on community banking in its core markets. The company also said it would close nine branches this year.

ECB Bancorp in Englehard, N.C., agreed in July to buy seven of the branches and $195 million of deposits in North Carolina, and Bankers Insurance LLC of Richmond, Va., purchased Hampton Roads' Gateway Insurance Services Inc.

Hampton Roads has not made a profit since the first quarter of 2009. The company reported a third-quarter loss of $26.7 million last month.

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