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 Virginia’s first purchase of a banking company since May 1997, when it bought Premier Bankshares of Bluefield.

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