Xenith Bankshares (XBKS) in Richmond, Va., has agreed to buy Colonial Virginia Bank in Gloucester, Va.

The $680 million-asset Xenith will exchange 2.65 shares of its stock for each share of the $115 million-asset Colonial Virginia. The deal that is expected to close in the second quarter. Colonial Virginia has two branches in Gloucester and a loan production office in Yorktown, Va.

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