SUFFOLK, Va. -- Bank of Suffolk and the Bank of Waverly have agreed in principle to merge under a holding company called James River Bankshares. The new holding company Will be based in Suffolk.

It will have about $148 million in assets and $23 million in total capital. Combined income as of July 29 would have been $1.3 million, and the company would have returned 1.54% on assets and 10.91% on average equity.

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