On October 9, 2019, Douglas F. Jenkins, Jr., Executive Vice President of Bay Banks of Virginia, Inc. and Executive Vice President and Chief Banking Officer of Virginia Commonwealth Bank, the Company’s subsidiary bank (the “Bank”), notified the Company of his intent to retire from the Company and the Bank effective January 1, 2020. Following his retirement, Mr. Jenkins will serve as a director of VCB Financial Group, Inc., a wholly-owned subsidiary of the Company that provides trust, investment and wealth management services.