Bay Banks of Virginia, Inc.

Overview

Date Founded

2011

Headquarters

1801 Bayberry Court,Suite 101,Richmond, VA 23226

Type of Company

Public

Employees (Worldwide)

172

Industries

Retail & Commercial Banking
Holding Companies
Accounting & Financial Services
Consumer Finance

Company Description

Bay Banks of Virginia, Inc. is a bank holding company, which engages in the provision of financial services through the Bank of Lancaster and Bay Trust Company. Its products include checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, individual retirement accounts, commercial and industrial loans, residential mortgages, commercial mortgages, home equity loans, consumer installment loans, investment accounts, insurance, credit cards, online banking, telephone banking, and mobile banking. The company was founded on February 10, 1997 and is headquartered in Richmond, VA.

Website

http://www.baybanks.com

Contact Data

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In The News

PR Newswire

January 21, 2021

Shareholders of Blue Ridge Bankshares, Inc. and Bay Banks of Virginia, Inc. Approve Merger

SNL Financial

December 30, 2020

Regulators green light Blue Ridge Bankshares, Bay Banks of Virginia merger

Global Banking News

December 30, 2020

-Blue Ridge and Bay Banks of Virginia receive regulatory approvals for merger

Nasdaq

December 29, 2020

Bay Banks of Virginia (BAYK)-Blue Ridge Merger Gets Regulatory Nod

PR Newswire

December 28, 2020

Blue Ridge Bankshares, Inc. and Bay Banks of Virginia, Inc. Announce Regulatory Approvals for Pending Merger

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Executives & Employees

Randal R. Greene

President & Chief Executive Officer

C. Frank Scott, III

Chairman

Judy C. Gavant

Chief Financial Officer, Treasurer & Executive Vice President

Ramsey Hamadi

Chief Strategic Officer

Dusty Boyd, Jr.

Executive Vice President & Chief Lending Officer

Michael H. Troutman

Chief Revenue Officer

Eric F. Nost

President of C&F Wealth Management, Inc

Peggy G. George

Benefit Plan Administrator

Pamela A. Varnier

Secretary & Senior Vice President

Gary L. Armstrong

Executive Vice President

Board of Directors

C. Frank Scott, III

Chairman at Bay Banks of Virginia, Inc.

Randal R. Greene

President & Chief Executive Officer at Bay Banks of Virginia, Inc.

Kyle D. Woolfolk, Jr.

Managing Partner at Woolfolk Medical Group LLC

Randolph Reynolds

Co-Founder at Reynolds Development LLC

James P. Vanlandingham

President at Southside virginia emergency crew, inc.

Vance H. Spilman

Chief Executive Officer at Rainbow Station, Inc.

Dwight Clarke

Partner at Dehnert, Clarke & Co., P.C.

Richard A. Farmar III

Chairman at Virginia Commonwealth Bank (Richmond)

Elizabeth H. Crowther

President at Rappahannock Community College

Julien G. Patterson

Founder at OMNIPLEX World Services Corp.

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Bay Banks of Virginia, Inc.

Owners & Shareholders

Details Hidden

The Banc Funds Co LLC

TBFC primarily invest their funds in US-based, sub-regional small financial service companies. This may include insurance companies, securities brokerage companies, leasing, and finance companies. Over 90% of the funds’ invested capital goes to depository companies.

Details Hidden

Siena Capital Partners GP LLC

SGP follows a long-term, value-based investment strategy. To identify what they believe are undervalued securities in the financial services industry, they use fundamental value analysis and other methods. Investments will generally be concentrated in small and micro-cap financial services companies, but allocations may shift at the discretion of SGP. SGP believes that small and micro-cap companies are more likely to be overlooked by the broader investment community. The firm focuses on fundamental analysis of specific companies, including their financial statements, regulatory data, corporate management, market position and franchise value. SGP also monitors trends in the financial services industry - such as regulation, consolidation and industry financial performance - as well as macroeconomic factors - such as the strength of the local and national economy, interest and inflation rates, and real estate investment activity - to support its investment selection process.

Details Hidden

The Banc Funds Co LLC

TBFC primarily invest their funds in US-based, sub-regional small financial service companies. This may include insurance companies, securities brokerage companies, leasing, and finance companies. Over 90% of the funds’ invested capital goes to depository companies.

Recent Transactions

Details Hidden

Bay Banks of Virginia, Inc. raised money in a private placement transaction

Details Hidden

Bay Banks of Virginia, Inc. raised money in a private placement transaction

Details Hidden

Bay Banks of Virginia, Inc. purchases Virginia Bancorp, Inc.

Transaction Advisors

Investment Advisor

FIG Partners LLC

Advised onBay Banks of Virginia, Inc. raised money in a private placement transaction

Investment Advisor

Sandler O'Neill & Partners LP

Advised onBay Banks of Virginia, Inc. raised money in a private placement transaction

Legal Advisor

Williams Mullen

Advised onBay Banks of Virginia, Inc. purchases Virginia Bancorp, Inc.

Investment Advisor

John F. Schramm

Advised onBay Banks of Virginia, Inc. purchases Virginia Bancorp, Inc.

Legal Advisor

Wayne A. Whitham, Jr.

Advised onBay Banks of Virginia, Inc. purchases Virginia Bancorp, Inc.

Key Stats and Financials As of 2019

Market Capitalization

$122M

Total Enterprise Value

$190M

Earnings Per Share

$0.54

Revenue

$55.8M

Total Equity

$126M

Net Profit

$7.06M

Debt TEV

0.43x

TEVNet Income

26.9x

Enterprise Value / Sales

3.4x

Total Debt

$82.5M

Three Year Compounded Annual Growth Rate Of Revenue

35.3%

Suppliers

Berkshire Hills Bancorp, Inc. Holding Companies | Pittsfield, MA

Berkshire Hills Bancorp, Inc. operates as a bank holding company for Berkshire Bank and Berkshire Insurance Group, Inc. The firm offers deposit, lending, insurance, and wealth management products to retail and commercial customers in its market areas. It aims to expand and deepen market share and wallet share through organic growth and acquisition strategies. The company was founded in June 2000 and is headquartered in Pittsfield, MA.

SS&C Technologies Holdings, Inc. IT Consulting & Services | Windsor, CT

SS&C Technologies Holdings, Inc. engages in the development and provision of software solutions to the financial services and healthcare industries. It operates through the following geographical segments: United States; Europe, Middle East and Africa; Asia Pacific and Japan; Canada; and the Americas, excluding the United States and Canada. Its products include advent genesis, antares, asset allocators, AWD, axys, BANC mall, BRIX, DST vision, evare, lightning, and moxy. The company was founded by William Charles Stone in March 1986 and is headquartered in Windsor, CT.

Competitors

Atlantic Union Bankshares Corp. Retail & Commercial Banking - Richmond, VA

Atlantic Union Bankshares Corp. is a bank holding company which engages in the provision of financial services. The company was founded in July 1993 and is headquartered in Richmond, VA.

Shore Bancshares, Inc. Retail & Commercial Banking - Easton, MD

Shore Bancshares, Inc. is a financial holding company, which engages in the provision of commercial banking products and services to individuals and businesses. Its services include checking accounts, various savings programs, mortgage loans, home improvement loans, installment and other personal loans, credit cards, personal lines of credit, automobile and other consumer financing, safe deposit boxes, debit cards, 24-hour telephone banking, internet banking, mobile banking, and 24-hour automatic teller machine services. It also offers commercial checking, savings, certificates of deposit, and overnight investment sweep accounts. The company was founded on March 15, 1996 and is headquartered in Easton, MD.

C&F Financial Corp. Retail & Commercial Banking - West Point, VA

C&F Financial Corp. is a bank holding company, which engages in the provision of banking services to individuals and businesses. It operates its business through the following segments: Retail Banking; Mortgage Banking and Consumer Finance. The Retail Banking segment provides checking and savings deposit accounts; and business, real estate, development, mortgage, home equity, and instalment loans. The Mortgage Banking segment offers ancillary mortgage loan origination services for loan settlement and residential appraisals. The Consumer Finance segment comprises of automobile financing through lending programs that are designed to serve customers in the non-prime market who have limited access to traditional automobile financing. The company was founded on March 8, 1994 and is headquartered in West Point, VA.

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