The history of Bay Banks of Virginia, Inc. begins in 1930 when, in the midst of the Great Depression, a group of financial visionaries in Kilmarnock, Virginia took a bold step and founded a new bank, Bank of Lancaster. Over the years, Bank of Lancaster grew and prospered in the market it serves because it adhered to its founders' commitment to provide customers with friendly, personal service, a safe haven for their savings and investments, and a sound line of financial products and services to help them build and buy homes, establish businesses and improve the quality of their lives.
In 1997, after nearly 70 years of solid growth and customer satisfaction, Bank of Lancaster underwent a corporate reorganization. Bay Banks of Virginia was formed as a bank holding company and assumed ownership of 100% of the stock of Bank of Lancaster.
Two years later, Bay Banks of Virginia created a second subsidiary, Bay Trust Company, to purchase the assets of the Bank of Lancaster Trust Department. The sale and transfer of assets was completed on December 31, 1999, at which time, Bay Trust Company began operations as a subsidiary of Bay Banks of Virginia.
Today, Bay Banks of Virginia conducts substantially all of its operations through its two subsidiaries, Bank of Lancaster and Bay Trust. As of December 31, 2011, Bay Banks of Virginia and its subsidiaries had 131 employees, 666 stockholders of record and assets of approximately $315 Million.
Bay Banks of Virginia employees proudly serve in leadership roles in virtually every civic, charitable, church and school organization in the Northern Neck. Our commitment to community service is evidenced by staff participation in more than 150 civic and charitable outreach programs annually.