FALLS CHURCH, Va. First Virginia Banks Inc. announced Monday that it will pay $107.1 million in cash and stock to acquire James River Bankshares of Suffolk, the $516.2 million-asset holding company for four community banks.
The deal, which First Virginia said would be accounted for as a purchase, is expected to close early in the third quarter. It would be First Virginias first purchase of a banking company since May 1997, when it bought Premier Bankshares of Bluefield.