thrift for an undisclosed price. The $364 million-asset holding company, parent of two community banks, said it would buy Caroline Savings Bank in Bowling Green, Va. Terms of the deal call for Caroline Savings, which has $47 million of assets and three branches, to become a subsidiary of Culpeper-based Virginia Commonwealth.
Bill Southworth, the thrift's president and chief executive officer, said the deal would give his company the access to funds it needs "to remain technologically up to date and provide our customers with a wider variety of services." The deal is expected to close early next year. -- Louis Whiteman