Hampton Roads Bankshares in Virginia Beach, Va., plans to merge its banks and change its name to Shore Financial.

The $2 billion-asset company said in a press release Thursday that it plans to seek regulatory approval to merge its Bank of Hampton Roads and Shore Bank units. The combined bank would do business as Shore Bank.

"The time has now come for us to operate under one brand and we believe that Shore Bank is an iconic expression of not just our geographic footprint, but also emblematic of our company's culture and our legacy roots in the communities we serve," Douglas Glenn, the company's president and chief executive, said in the release.

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