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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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