Richmond, Va.-based Xenith Bank has entered into a definitive purchase agreement with Paragon Commercial Bank to acquire its Richmond branch operations and certain select loans and deposits.
Under the terms of the agreement, Xenith Bank will acquire total loans of approximately $60 million at a premium of 96.23%, and assume total deposits of approximately $71 million for a premium of 3.92%. The loans are primarily commercial and industrial, owner-occupied real estate and commercial real estate loans.
The companies expect to close Paragon's branch and consolidate operations into Xenith's offices.
