SUFFOLK, Va., Feb. 23 /PRNewswire-FirstCall/ -- Darrell G. Swanigan, President and CEO of SuffolkFirst Bank , a $179 million locally owned community bank headquartered in Suffolk, Virginia, announced today that its Board of Directors approved the formation of First Bankshares, Inc., as a one-bank holding company for the bank subject to regulatory and shareholder approval. Mr. Swanigan said, "The formation of First Bankshares represents an important milestone which will enable us to more efficiently manage our capital and is the next step to enhance our community-oriented philosophy as we explore other financial related opportunities."
SuffolkFirst Bank (a Virginia chartered Federal Reserve member bank) opened for business January 27, 2003 and operates three full service offices in the city of Suffolk. The Bank celebrated its 5th anniversary and the grand opening of its main office and operations facility today, February 23rd.
