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Business Combinations
 3 Months Ended
Mar. 31, 2012
Business Combinations [Abstract]  
Business Combinations

Note 3. Business Combinations

On March 1, 2012, the Company signed a definitive merger agreement providing for the acquisition of Peoples Bank of Virginia (“Peoples”), a state-chartered commercial bank headquartered in Richmond, Virginia. Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, shareholders of Peoples will receive $6.08 in cash and 1.07 shares of the Company’s Common Stock for each share of Peoples’ common stock resulting in a purchase price of approximately $40.6 million. The transaction is anticipated to close during the third quarter of 2012 after receipt of regulatory approvals, the approval of Peoples’ shareholders, and other closing conditions. Peoples was established in 2002, operates four branches in the Richmond, Virginia area, and as of December 31, 2011, had $286 million in assets, $181 million in loans, $246 million in deposits, and $39 million in common equity.