Bay Banks of Virginia, Inc. Announces Noninterest Expense Initiatives
BAY BANKS of VIRGINI (BAYK)
NASDAQ:AMEX Investor Relations:
baybanks.com
Company Research
Source: PR Newswire
RICHMOND, Va., Sept. 4, 2018 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK), holding company of Virginia Commonwealth Bank and VCB Financial Group, Inc., today announced initiatives to reduce noninterest expenses. The Company will be offering an early retirement program for which approximately 25 employees qualify. Management will further assess staffing levels based on the results of the program. The Company expects the program will result in an annualized savings of approximately $500,000 beginning in the first quarter of 2019. Additionally, the Company will be closing its branch in Hopewell, Virginia, an expected annualized savings of approximately $200,000, and will continue to evaluate its branch network over the next several months. The Hopewell branch is expected to close in the first quarter of 2019. The Company will not move forward with opening a branch in downtown Richmond, Virginia, which was under consideration. These initiatives will res
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