SuffolkFirst merger complete

Published 3:10 pm Thursday, December 24, 2009

First Bankshares Inc., which owns SuffolkFirst Bank, announced on Tuesday that it has completed its merger with Xenith Corp, forming a new company under the name Xenith Bankshares.

Malcolm S. McDonald will serve as chairman of the new holding company’s board of directors. Other directors will include Larry L. Felton, Peter C. Jackson and James E. Turner, Jr., who served as directors of First Bankshares; and Palmer P. Garson, Brian D. Jones, T. Gaylon Layfield, III, Robert J. Merrick, Scott A. Reed, and Mark B. Sisisky, who served as directors of Xenith Corp.

Layfield III, the former President and CEO of Xenith Corporation, will continue in that role for Xenith Bankshares. Darrell G. Swanigan, the former President and CEO of First Bankshares, will become Executive Vice President and President of the Hampton Roads Region of Xenith Bankshares. Xenith Corporation’s former Chief Financial Officer and Chief Administrative Officer, Thomas W. Osgood, will continue in that role for Xenith Bankshares.

Xenith Bankshares’existing branches in Suffolk, which operate under the name SuffolkFirst Bank, will continue to do business under that name. However, new locations will operate as Xenith Bank.

On Wednesday, shares of common stock in the company were trading on the NASDAQ Capital Market under the symbol “XBKS.”