Xenith Bancshares Inc. of Richmond, Va., is adding market share in its hometown with a deal to acquire the lone Virginia branch of Paragon Commercial Bank in Raleigh, N.C.
The deal, announced late Wednesday, would include roughly $60 million of loans and $71 million of what Xenith called "premium" deposits, all within Xenith's target markets stretching from the Virginia Beach area to the Washington, D.C., suburbs.
The $1.1 billion-asset Paragon opened its Richmond office in 2006. Xenith said that office would be closed and merged into Xenith's existing branch in downtown Richmond. Paragon's other offices are in Raleigh and Charlotte.