Bay Banks of Virgini (BAYK) 6.0500 $BAYK
Elizabeth Hinton Crowther Elected to Bay Trust's Board of Directors
PR Newswire - Tue Aug 09, 4:23PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that Elizabeth Hinton Crowther, Ed.D. has been elected to Bay Trust Company's Board of Directors.
Bruce C. Edwards Has Been Elected to Bank of Lancaster's Board of Directors
PR Newswire - Tue May 31, 10:58AM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that Bruce C. Edwards has been elected to Bank of Lancaster's Board of Directors.
Woolfolk Joins Bank of Lancaster Board
PR Newswire - Thu May 12, 3:51PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that D. Kyle Woolfolk, Jr. has been elected to Bank of Lancaster's Board of Directors.
Bay Banks of Virginia reports 2015 earnings of USD822,000
M2 - Tue Feb 09, 10:44AM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, has reported a loss USD134,000 for the quarter ended December 31, 2015, compared to earnings of USD598,000 for the same quarter in 2014, and earnings of USD822,000 for 2015 compared to USD1.8 million in 2014, the company said. The company invested USD729,000 of 2015 earnings for expansion into the metro Richmond market, negatively impacting annual earnings by USD0.15 per share. The company completed an early retirement offer and reduction in force in the fourth quarter which eliminated nine positions, resulting in a one-time charge of USD132,000. Projected annual savings are USD406,000, or USD0.08 per share, in 2016. The fourth quarter loan loss provision was USD552,000, of which USD300,000 was related to one large commercial credit. Total assets grew by USD66.3 million, or 17.0 percent, during 2015. Total deposits grew by USD52.3 million, or 17.0 percent, during 2015. Total loans grew by USD49.1 million, or 16.5 percent, during 2015. The portfolio of loans serviced for Fannie Mae grew by USD6.9 million during 2015 to USD71.6 million. For the fourth quarter of 2015, the loss was USD(0.03) per share compared to earnings of USD0.12 per share for the fourth quarter of 2014. Earnings for 2015 were USD0.17 per share compared to USD0.38 per share for 2014. Stock repurchases were 43,000 shares for 2015. The fourth quarter's net interest margin was 3.44 percent compared to 3.30 percent for the prior quarter and 3.85 percent for the fourth quarter of 2014. Net interest income increased by 6.5 percent, or USD209,000, on a linked-quarter basis and increased by 6.3 percent, or USD205,000, compared to the fourth quarter of 2014. Noninterest income increased by USD11,000 on a linked-quarter basis, and decreased by USD90,000 compared to the fourth quarter of 2014. Noninterest expense increased USD371,000 on a linked-quarter basis, and increased by USD790,000 compared to the fourth quarter of 2014. Net interest income increased by 10.8 percent, or USD1.3 million, in 2015 compared to 2014. Provision for loan losses increased by USD295 thousand in 2015 compared to 2014. Noninterest income decreased by USD322 thousand, or 8.75 percent, in 2015 compared to 2014. Noninterest expense increased USD2.2 million, or 17.3 percent, in 2015 compared to 2014. Net interest income for the fourth quarter of 2015 increased USD205,000, or 6.3 percent, compared to the fourth quarter of 2014. Non-interest income for the three months ended December 31, 2015 decreased USD90,000, or 10.3 percent, compared to the three months ended December 31, 2014. Total assets increased by USD66.3 million, or 17.0 percent, to USD456.8 million during 2015. Capital increased by USD787,000 due primarily to earnings. Partially offsetting these increases were buybacks of 43,000 shares of common stock. Bay Banks of Virginia, Inc. is the bank holding company for Bank of Lancaster and Bay Trust Company. Founded in 1930, Bank of Lancaster is a state-chartered community bank headquartered in Kilmarnock, Virginia. Bay Trust Company provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration.
Bay Banks of Virginia, Inc. Reports Fourth Quarter Earnings
PR Newswire - Mon Feb 01, 1:11PM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported a loss $134,000 for the quarter ended December 31, 2015, compared to earnings of $598,000 for the same quarter in 2014. For the year 2015, earnings were $822,000 compared to $1.8 million in 2014.
Bay Banks of Virginia reports retirements, workforce reduction
M2 - Mon Dec 28, 6:45AM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, said it has reported retirements and workforce reduction, including the early retirement of president and CEO Randal R. Greene, who received a package recently offered to company employees age 55 years or older with 10 years or more of service. Bay Banks president and CEO Randal R. Greene reports an early retirement package was recently offered to company employees 55 years of age or older with 10 or more years of service. Five employees have opted to take the early retirement. The company has seen lobby traffic decline substantially over the past several years, due in great part to the increase in technology and the many alternative retail delivery channels available to customers. As management analyzed operations, the company made the decision to eliminate nine positions for a total annual savings of USD418,000, not including severance costs of USD133,000. With this reduction in workforce, which will take place by December 31, 2015, assets per employee will improve from USD3.5 million to USD3.8 million at end of year 2015. Bay Banks of Virginia, Inc. is the bank holding company for Bank of Lancaster and Bay Trust Company. Founded in 1930, Bank of Lancaster is a state-chartered community bank headquartered in Kilmarnock, Virginia.
Bay Banks of Virginia announces retirements and workforce reduction
PR Newswire - Fri Dec 18, 12:30PM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, announces retirements and workforce reduction.
Bank Of Lancaster promotes SVP to chief lending officer
M2 - Fri Dec 11, 7:19AM CST
Bank of Lancaster, an affiliate of Bay Banks of Virginia, Inc. (OTCQB: BAYK) said its board of directors has promoted senior vice president Susan S. Pittman to the office of chief lending officer. Pittman, as chief lending officer, manages all commercial lending for the bank, to include not only the Northern Neck but also Middlesex and Richmond; and she will chair the bank's management loan committee. She joined the commercial lending department of the Bank of Lancaster in 2002, and was promoted to commercial lending officer in May 2005 when she was elevated to the office of assistant vice president and to vice president in December 2007. In 2012, the board promoted her to senior vice president; and she was given the responsibility of managing the bank's commercial loan department. Bay Banks of Virginia, Inc. is the bank holding company for Bank of Lancaster and Bay Trust Company. Founded in 1930, Bank of Lancaster is a state-chartered community bank headquartered in Kilmarnock, Virginia. With eight banking offices located throughout the Northern Neck region and in Middlesex County, and three banking offices in Richmond, Virginia, the bank serves businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking, investment services, and mortgage banking.
Bay Banks of Virginia, Inc., Reports Third Quarter Earnings
PR Newswire - Fri Oct 30, 3:56PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported earnings of $281,000 for the quarter ended September 30, 2015 compared to $512,000 for the same quarter in 2014. For the nine months ended September 30, 2015, earnings were $956,000 compared to $1.2 million for the same period in 2014.
Bank of Lancaster Promotes Jenkins To The Office Of Chief Banking Officer
PR Newswire - Wed Oct 28, 1:51PM CDT
Bank of Lancaster (the "Bank"
, an affiliate of Bay Banks of Virginia, Inc. (OTCQB: BAYK) announces a promotion.
Bay Banks of Virginia, Inc. Reports Second Quarter Earnings
PR Newswire - Thu Jul 30, 2:44PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported earnings of $294,000 for the quarter ended June 30, 2015 compared to $260,000 for the same quarter in 2014. For the six months ended June 30, 2015, earnings were $675,000 compared to $720,000 for the same period in 2014.
Bay Banks of Virginia, Inc. Announces Private Placement Of Subordinated Notes
PR Newswire - Tue Jun 02, 11:54AM CDT
Bay Banks of Virginia, Inc. (the "Company" (OTCQB: BAYK), holding company for Bank of Lancaster (the "Bank" and Bay Trust Company, today announced that it has placed $7.0 million in subordinated notes with certain accredited investors, including members of its board of directors, existing common shareholders and the local community. Randal R. Greene, President and Chief Executive Officer, said, "We are excited that so many members of the communities in our markets placed confidence in our financial performance and plans for the future by investing in this offering."
Bank of Lancaster Welcomes Eric Tusing
PR Newswire - Mon May 18, 3:25PM CDT
Randal R. Greene, President and Chief Executive Officer of Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that Bank of Lancaster has hired Eric Tusing as Senior Vice President, Senior Commercial Lender. In this role, Mr. Tusing's responsibility will be developing commercial banking relationships in the Richmond region by helping businesses achieve their financial aspirations.
Bay Banks of Virginia, Inc. Reports First Quarter Earnings
PR Newswire - Thu Apr 30, 2:15PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported earnings of $381,000 for the quarter ended March 31, 2015 compared to $460,000 for the same quarter in 2014.
Bank of Lancaster Opens a Third Location in Richmond Area
PR Newswire - Mon Mar 30, 12:15PM CDT
Bank of Lancaster, a subsidiary of Bay Banks of Virginia, Inc. (OTCQB: BAYK), opened a second full service retail branch at 11450 Robious Road in North Chesterfield today, Monday, March 30.
Bay Banks of Virginia, Inc. Announces Consolidation
PR Newswire - Wed Jan 28, 9:33AM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), (the "Company", holding company for Bank of Lancaster (the "Bank" and Bay Trust Company, announced plans to consolidate three of its Lancaster County branches into two branches.
Bay Banks Approves Share Repurchase Program
PR Newswire - Wed Dec 17, 3:30PM CST
Bay Banks of Virginia, Inc. ("the Company" (OTCQB: BAYK), the holding company for Bank of Lancaster and Bay Trust Company, today announced that its board of directors has authorized the repurchase of up to 5%, a total of 240,892 shares, of its outstanding common stock. The Company intends and expects to accomplish the repurchases through open market transactions, though the Company could effect repurchases through other means, such as privately negotiated transactions.
Bank of Lancaster Receives an Exuberant Welcoming
PR Newswire - Tue Dec 16, 10:46AM CST
Bank of Lancaster, a subsidiary of Bay Banks of Virginia, Inc. (OTCQB: BAYK), held a ribbon cutting ceremony at its retail branch on Patterson and Libbie.
Elizabeth Hinton Crowther Elected to Bay Trust's Board of Directors
PR Newswire - Tue Aug 09, 4:23PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that Elizabeth Hinton Crowther, Ed.D. has been elected to Bay Trust Company's Board of Directors.
Bruce C. Edwards Has Been Elected to Bank of Lancaster's Board of Directors
PR Newswire - Tue May 31, 10:58AM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that Bruce C. Edwards has been elected to Bank of Lancaster's Board of Directors.
Woolfolk Joins Bank of Lancaster Board
PR Newswire - Thu May 12, 3:51PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that D. Kyle Woolfolk, Jr. has been elected to Bank of Lancaster's Board of Directors.
Bay Banks of Virginia reports 2015 earnings of USD822,000
M2 - Tue Feb 09, 10:44AM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, has reported a loss USD134,000 for the quarter ended December 31, 2015, compared to earnings of USD598,000 for the same quarter in 2014, and earnings of USD822,000 for 2015 compared to USD1.8 million in 2014, the company said. The company invested USD729,000 of 2015 earnings for expansion into the metro Richmond market, negatively impacting annual earnings by USD0.15 per share. The company completed an early retirement offer and reduction in force in the fourth quarter which eliminated nine positions, resulting in a one-time charge of USD132,000. Projected annual savings are USD406,000, or USD0.08 per share, in 2016. The fourth quarter loan loss provision was USD552,000, of which USD300,000 was related to one large commercial credit. Total assets grew by USD66.3 million, or 17.0 percent, during 2015. Total deposits grew by USD52.3 million, or 17.0 percent, during 2015. Total loans grew by USD49.1 million, or 16.5 percent, during 2015. The portfolio of loans serviced for Fannie Mae grew by USD6.9 million during 2015 to USD71.6 million. For the fourth quarter of 2015, the loss was USD(0.03) per share compared to earnings of USD0.12 per share for the fourth quarter of 2014. Earnings for 2015 were USD0.17 per share compared to USD0.38 per share for 2014. Stock repurchases were 43,000 shares for 2015. The fourth quarter's net interest margin was 3.44 percent compared to 3.30 percent for the prior quarter and 3.85 percent for the fourth quarter of 2014. Net interest income increased by 6.5 percent, or USD209,000, on a linked-quarter basis and increased by 6.3 percent, or USD205,000, compared to the fourth quarter of 2014. Noninterest income increased by USD11,000 on a linked-quarter basis, and decreased by USD90,000 compared to the fourth quarter of 2014. Noninterest expense increased USD371,000 on a linked-quarter basis, and increased by USD790,000 compared to the fourth quarter of 2014. Net interest income increased by 10.8 percent, or USD1.3 million, in 2015 compared to 2014. Provision for loan losses increased by USD295 thousand in 2015 compared to 2014. Noninterest income decreased by USD322 thousand, or 8.75 percent, in 2015 compared to 2014. Noninterest expense increased USD2.2 million, or 17.3 percent, in 2015 compared to 2014. Net interest income for the fourth quarter of 2015 increased USD205,000, or 6.3 percent, compared to the fourth quarter of 2014. Non-interest income for the three months ended December 31, 2015 decreased USD90,000, or 10.3 percent, compared to the three months ended December 31, 2014. Total assets increased by USD66.3 million, or 17.0 percent, to USD456.8 million during 2015. Capital increased by USD787,000 due primarily to earnings. Partially offsetting these increases were buybacks of 43,000 shares of common stock. Bay Banks of Virginia, Inc. is the bank holding company for Bank of Lancaster and Bay Trust Company. Founded in 1930, Bank of Lancaster is a state-chartered community bank headquartered in Kilmarnock, Virginia. Bay Trust Company provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration.
Bay Banks of Virginia, Inc. Reports Fourth Quarter Earnings
PR Newswire - Mon Feb 01, 1:11PM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported a loss $134,000 for the quarter ended December 31, 2015, compared to earnings of $598,000 for the same quarter in 2014. For the year 2015, earnings were $822,000 compared to $1.8 million in 2014.
Bay Banks of Virginia reports retirements, workforce reduction
M2 - Mon Dec 28, 6:45AM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, said it has reported retirements and workforce reduction, including the early retirement of president and CEO Randal R. Greene, who received a package recently offered to company employees age 55 years or older with 10 years or more of service. Bay Banks president and CEO Randal R. Greene reports an early retirement package was recently offered to company employees 55 years of age or older with 10 or more years of service. Five employees have opted to take the early retirement. The company has seen lobby traffic decline substantially over the past several years, due in great part to the increase in technology and the many alternative retail delivery channels available to customers. As management analyzed operations, the company made the decision to eliminate nine positions for a total annual savings of USD418,000, not including severance costs of USD133,000. With this reduction in workforce, which will take place by December 31, 2015, assets per employee will improve from USD3.5 million to USD3.8 million at end of year 2015. Bay Banks of Virginia, Inc. is the bank holding company for Bank of Lancaster and Bay Trust Company. Founded in 1930, Bank of Lancaster is a state-chartered community bank headquartered in Kilmarnock, Virginia.
Bay Banks of Virginia announces retirements and workforce reduction
PR Newswire - Fri Dec 18, 12:30PM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, announces retirements and workforce reduction.
Bank Of Lancaster promotes SVP to chief lending officer
M2 - Fri Dec 11, 7:19AM CST
Bank of Lancaster, an affiliate of Bay Banks of Virginia, Inc. (OTCQB: BAYK) said its board of directors has promoted senior vice president Susan S. Pittman to the office of chief lending officer. Pittman, as chief lending officer, manages all commercial lending for the bank, to include not only the Northern Neck but also Middlesex and Richmond; and she will chair the bank's management loan committee. She joined the commercial lending department of the Bank of Lancaster in 2002, and was promoted to commercial lending officer in May 2005 when she was elevated to the office of assistant vice president and to vice president in December 2007. In 2012, the board promoted her to senior vice president; and she was given the responsibility of managing the bank's commercial loan department. Bay Banks of Virginia, Inc. is the bank holding company for Bank of Lancaster and Bay Trust Company. Founded in 1930, Bank of Lancaster is a state-chartered community bank headquartered in Kilmarnock, Virginia. With eight banking offices located throughout the Northern Neck region and in Middlesex County, and three banking offices in Richmond, Virginia, the bank serves businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking, investment services, and mortgage banking.
Bay Banks of Virginia, Inc., Reports Third Quarter Earnings
PR Newswire - Fri Oct 30, 3:56PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported earnings of $281,000 for the quarter ended September 30, 2015 compared to $512,000 for the same quarter in 2014. For the nine months ended September 30, 2015, earnings were $956,000 compared to $1.2 million for the same period in 2014.
Bank of Lancaster Promotes Jenkins To The Office Of Chief Banking Officer
PR Newswire - Wed Oct 28, 1:51PM CDT
Bank of Lancaster (the "Bank"
, an affiliate of Bay Banks of Virginia, Inc. (OTCQB: BAYK) announces a promotion. Bay Banks of Virginia, Inc. Reports Second Quarter Earnings
PR Newswire - Thu Jul 30, 2:44PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported earnings of $294,000 for the quarter ended June 30, 2015 compared to $260,000 for the same quarter in 2014. For the six months ended June 30, 2015, earnings were $675,000 compared to $720,000 for the same period in 2014.
Bay Banks of Virginia, Inc. Announces Private Placement Of Subordinated Notes
PR Newswire - Tue Jun 02, 11:54AM CDT
Bay Banks of Virginia, Inc. (the "Company"
(OTCQB: BAYK), holding company for Bank of Lancaster (the "Bank" and Bay Trust Company, today announced that it has placed $7.0 million in subordinated notes with certain accredited investors, including members of its board of directors, existing common shareholders and the local community. Randal R. Greene, President and Chief Executive Officer, said, "We are excited that so many members of the communities in our markets placed confidence in our financial performance and plans for the future by investing in this offering." Bank of Lancaster Welcomes Eric Tusing
PR Newswire - Mon May 18, 3:25PM CDT
Randal R. Greene, President and Chief Executive Officer of Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Bank of Lancaster and Bay Trust Company, announces that Bank of Lancaster has hired Eric Tusing as Senior Vice President, Senior Commercial Lender. In this role, Mr. Tusing's responsibility will be developing commercial banking relationships in the Richmond region by helping businesses achieve their financial aspirations.
Bay Banks of Virginia, Inc. Reports First Quarter Earnings
PR Newswire - Thu Apr 30, 2:15PM CDT
Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, reported earnings of $381,000 for the quarter ended March 31, 2015 compared to $460,000 for the same quarter in 2014.
Bank of Lancaster Opens a Third Location in Richmond Area
PR Newswire - Mon Mar 30, 12:15PM CDT
Bank of Lancaster, a subsidiary of Bay Banks of Virginia, Inc. (OTCQB: BAYK), opened a second full service retail branch at 11450 Robious Road in North Chesterfield today, Monday, March 30.
Bay Banks of Virginia, Inc. Announces Consolidation
PR Newswire - Wed Jan 28, 9:33AM CST
Bay Banks of Virginia, Inc. (OTCQB: BAYK), (the "Company"
, holding company for Bank of Lancaster (the "Bank" and Bay Trust Company, announced plans to consolidate three of its Lancaster County branches into two branches. Bay Banks Approves Share Repurchase Program
PR Newswire - Wed Dec 17, 3:30PM CST
Bay Banks of Virginia, Inc. ("the Company"
(OTCQB: BAYK), the holding company for Bank of Lancaster and Bay Trust Company, today announced that its board of directors has authorized the repurchase of up to 5%, a total of 240,892 shares, of its outstanding common stock. The Company intends and expects to accomplish the repurchases through open market transactions, though the Company could effect repurchases through other means, such as privately negotiated transactions. Bank of Lancaster Receives an Exuberant Welcoming
PR Newswire - Tue Dec 16, 10:46AM CST
Bank of Lancaster, a subsidiary of Bay Banks of Virginia, Inc. (OTCQB: BAYK), held a ribbon cutting ceremony at its retail branch on Patterson and Libbie.
