Virginia

Bay Banks of Virginia in Kilmarnock has increased the size of its fourth-quarter loss, after a commercial borrower pleaded guilty to creating false financial statements.

A dozen banks from Arkansas to Virginia are nearing $10 billion in assets, where they will face higher compliance costs and caps on interchange fees. Mergers among those institutions could create a new class of regional bank.

Old Point Financial in Hampton, Va., has agreed to nominate an activist investor's candidate for its board.

C&F Financial in West Point, Va., has named Jason Long chief financial officer of the company and its Citizens and Farmers Bank subsidiary.

American National Bankshares in Danville, Va., said in a press release Friday that Dabney Gilliam, its chief administrative officer, will resign at the end of this month to join Bank of Charlotte County.

First Bancorp in Southern Pines, N.C., and First Community Bancshares in Bluefield, Va., have agreed to exchange branches in two states.

Cordia said in a press release Tuesday that it sold its CordiaGrad platform to its Jack Zoeller, the $348 million-asset company's chief executive.

Summit Financial Group in Moorefield, W.Va., has agreed to buy Highland County Bankshares in Monterey, Va., for $21.8 million in cash. The deal is expected to close early in the third quarter.

Hampton Roads Bankshares agreed to take Xenith Bankshares' name and move to the seller's Richmond, Va., headquarters as part of a recent deal. The move gives the surviving company heft in a growing market that is attractive to other potential acquirers.

CCB Bankshares in South Hill, Va., has raised $3.5 million in a private placement of debt and will use some of the money to exit the Small Business Lending Fund.