Xenith Bankshares (XBKS) in Richmond, Va., disclosed that Malcolm McDonald will retire as chairman at the end of his current term.

McDonald has been the $606 million-asset company's chairman since its formation in 2009. The company said he will step down after its May 1 annual meeting.

McDonald is a former chairman and chief executive of Virginia's Signet Banking, which was sold to First Union in 1997. He has provided Xenith with "invaluable guidance and leadership," President and CEO T. Gaylon Layfield said in the release. "His deep banking and public company experience uniquely qualified him to be a guiding force in our development."

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