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.

Under the terms of the proposed agreement, 6.15 shares of James River common stock will be exchanged for each of the 100,000 shares of the Bank of Waverly common stock outstanding.

One share of the holding company's stock will be exchanged for each of the 909,790 shares of Bank of Suffolk common stock outstanding.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.