Community banking

Bay Banks hires veteran lender for key regional post

By John Reosti February 01, 2017, 9:30 a.m. EST 1 Min Read

Bay Banks of Virginia in Kilmarnock has hired a veteran banker to oversee its operations around Richmond, Va.

The $487 million-asset Bay Banks said in a press release Wednesday that it had hired Gary Armstrong to serve as its Richmond market executive. Armstrong has spent the past 19 years in executive roles at Richmond-area banks, most recently as Richmond market president for the $3.2 billion-asset Park Sterling Bank in Charlotte, N.C.

armstrong-gary

Armstrong had been chief lending officer at First Capital Bank in Henrico, Va., before its sale to Park Sterling last year.

“The vision is to bring a true community bank feel and customer experience to central Virginia,” Armstrong said in the release.

Last year Bay Banks agreed to buy Virginia Commonwealth Bank in Petersburg, Va.; that deal is expected to close later this quarter. The institution, which will have assets of more than $800 million, will move its headquarters to Richmond.

Reporter

For reprint and licensing requests for this article, click here.

Community banking

Commercial lending

MORE FROM AMERICAN BANKER

Earnings

Flagstar's losses continue; CEO affirms profitability track

The Long Island-based regional bank's net loss narrowed from the first quarter of 2024, while CEO Joseph Otting said the company continues to make progress in its turnaround journey.

By Allissa Kline

1h ago
FDIC

FDIC resolution shift favors speed; critics warn of costs

Acting Chair Travis Hill's push for quick weekend bank sales signals a break from past crisis strategies — but some experts warn of higher costs and increased consolidation risks

By Ebrima Santos Sanneh

2h ago
Cryptocurrency

Fed joins other regulators in rolling back crypto policies

The Federal Reserve withdrew expectations on crypto activity and dollar tokenization, while the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency also withdrew their versions of the guidance.

By Kyle Campbell

10h ago
Earnings

Office valuation concerns lead to shrinking profits at Eagle

The Washington, D.C.-area bank reported a significant boost in provisions to cover emerging vulnerabilities in its $1 billion portfolio of office loans.

By John Reosti

April 24
M&A

Columbia to expand in California through $2 billion deal

Tacoma, Washington-based Columbia Banking System said it will buy Pacific Premier Bancorp, accelerating its growth in Southern California by about a decade. The deal is Columbia's second major acquisition in three years.

By Catherine Leffert

April 24
FDIC

Warren and banking colleagues probe FDIC over DOGE efforts

A cohort of Democratic senators on the banking committee expressed concern over the Department of Government Efficiency's ongoing efforts to cut Federal Deposit Insurance Corp. staff and contracts, saying they worried the efforts could weaken the nation's deposit insurer and expose sensitive bank data if improperly handled.

By Ebrima Santos Sanneh

April 24