Email pagePDF viewPrint viewEmail AlertSocial media sharing
Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Bay Banks of Virginia, Inc.
Actual Acquirer: Bay Banks of Virginia, Inc.
Target: Virginia BanCorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date11/2/2016
Announcement Date11/3/2016
Announced Deal Value ($M)31.60
StatusCompleted
Completion Date4/1/2017
Announced Deal Value Per Share ($)8.12
Consideration Breakout
Common Stock ($M)43.2
Common Stock Issued4,586,221
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)90.0122.7
Price / Tangible Book (%)90.0122.7
Price / Earnings (x)13.323.5
Price / Deposits (%)12.4616.22
Price / Assets (%)9.7613.21
Tangible Book Premium/ Deposits (%)(1.75)3.78
Deal Terms
Description of Consideration
In a merger of equals, Bay Banks of Virginia Inc. exchanged 1.178 shares of its common stock for each of the outstanding share of Virginia BanCorp Inc. Target financials are for Virginia Commonwealth Bank.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?Yes
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)7,566
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)2,884
Maximum Termination Fee ($000)1,100
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.178000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)3,670
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesFIG Partners LLC
SellerYesPerformance Tr Cap Ptnrs LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesWilliams Mullen
SellerYesLeClairRyan

Copyright 2019, © S&P Global Market Intelligence