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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div style="font-size: 8pt;">&#160;</div>
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    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div style="font-size: 8pt;">&#160;</div>
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      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; font-size: 8pt;">&#160;</div>
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    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">Date of report (Date of earliest event reported):&#160; October 7, 2019</div>
    <div style="font-size: 8pt;">&#160;</div>
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      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; font-size: 8pt;">&#160;</div>
    </div>
    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">BAY BANKS OF VIRGINIA, INC.</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Exact Name of Registrant as Specified in Charter)</div>
    <div style="font-size: 8pt;">&#160;</div>
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            <div style="text-align: center; font-weight: bold;">Virginia</div>
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            <div style="text-align: center; font-weight: bold;">0-22955</div>
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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">54-1838100</div>
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            <div style="text-align: center; font-size: 8pt; font-weight: bold;">(State or Other Jurisdiction</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">of Incorporation)</div>
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            <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Commission File Number)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">(IRS Employer</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Identification No.)</div>
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    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">1801 Bayberry Court, Richmond, Virginia 23226</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Address of Principal Executive Offices) (Zip Code)</div>
    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (804) 404-9668</div>
    <div style="font-size: 8pt;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">N/A</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Former Name or Former Address, if Changed Since Last Report)</div>
    <div style="font-size: 8pt;">&#160;</div>
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    <div style="font-size: 8pt;">&#160;
      <div style="text-align: justify; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
        following provisions:</div>
      <div style="text-align: justify; font-size: 10pt;">&#9744;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Written communications pursuant to Rule 425 under the
        Securities Act (17 CFR 230.425)</div>
      <div style="text-align: justify; font-size: 10pt;">&#9744;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Soliciting material pursuant to Rule 14a-12 under the
        Exchange Act (17 CFR 240.14a-12)</div>
      <div style="text-align: justify; font-size: 10pt;">&#9744;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Pre-commencement communications pursuant to Rule
        14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
      <div style="text-align: justify; font-size: 10pt;">&#9744;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Pre-commencement communications pursuant to Rule
        13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    </div>
    <div><br>
    </div>
    Securities registered pursuant to Section 12(b) of the Act:
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            <div style="text-align: center;">Title of each class</div>
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            <div style="text-align: center;">Trading Symbol(s)</div>
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            <div style="text-align: center;">Name of each exchange on which registered</div>
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            <div style="text-align: center;">None</div>
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      <div><br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
        or Rule&#160;12b-2&#160;of the Securities Exchange of 1934&#160;(&#167;240.12b-2&#160;of this chapter).</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-indent: 24.5pt;">Emerging growth company&#160;&#160;<font style="font-family: 'Segoe UI Symbol';">&#9744;</font></div>
    </div>
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      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
        revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<font style="font-family: 'Segoe UI Symbol';">&#9744;</font></div>
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    <div style="background-color: #FFFFFF;">
      <div><font style="font-weight: bold;">Item 1.01</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-weight: bold;">Entry into a Material Definitive Agreement</font></div>
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    <div style="background-color: #FFFFFF;">
      <div style="text-indent: 36pt;">On October 7, 2019, Bay Banks of Virginia, Inc. (the &#8220;Company&#8221;) entered into Subordinated Note Purchase Agreements (collectively, the
        &#8220;Purchase Agreement&#8221;) with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company sold and issued $25.0 million in aggregate principal amount of 5.625% fixed-to-floating rate subordinated notes
        due 2029 (the &#8220;Notes&#8221;).</div>
      <div><br>
      </div>
    </div>
    <div style="text-indent: 36pt;">The Notes will initially bear interest at 5.625% per annum, beginning October 7, 2019 to but excluding October 15, 2024, payable
      semi-annually in arrears. From and including October 15, 2024 through October 14, 2029, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 433.5
      basis points, payable quarterly in arrears. Beginning on October 15, 2024 through maturity, the Notes may be redeemed, at the Company&#8217;s option, on any scheduled interest payment date. The Notes will mature on October 15, 2029.&#160; The Purchase Agreement
      contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.</div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-indent: 36pt;">If certain events of default occur, such as the bankruptcy of the Company, the holder of a Note may declare the principal amount of the
        Note to be due and immediately payable. The Notes will be unsecured, subordinated obligations of the Company and will rank junior in right of payment to the Company&#8217;s existing and future senior indebtedness. The Notes are not convertible into
        common stock or preferred stock, and are not callable by the holders.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-indent: 36pt;">The Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines, and the proceeds from the sale of the Notes
      will be utilized for general corporate purposes, including the potential repayment of the Company&#8217;s existing subordinated debt (which debt becomes callable in May 2020) and supporting capital levels at Virginia Commonwealth Bank, the Company&#8217;s
      subsidiary bank.</div>
    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-indent: 36pt;">The Notes were offered and sold in reliance on the exemptions from registration provided by Section&#160;4(a)(2) of the Securities Act of
        1933, as amended (the &#8220;Securities Act&#8221;), and Rule 506(b) of Regulation D thereunder.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The foregoing descriptions of the Purchase Agreement and the Notes do not purport to be complete and are qualified in their entirety by
        reference to the forms of the Purchase Agreement and the Note which are attached hereto as Exhibits 10.1 and 4.1, respectively, and are incorporated herein by reference.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Item 2.03</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-weight: bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></div>
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-indent: 36pt;">The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div> <br>
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      <div><font style="font-weight: bold;">Item 7.01</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-weight: bold;">Regulation FD Disclosure.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In connection with the offering of the Notes, the Company made presentations to potential investors. The information presented to such
        potential investors is attached as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.</div>
      <div> <br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-indent: 36pt;">The information contained in this Item 7.01, including the information incorporated by reference herein from Exhibit 99.1, shall not be
        deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by
        specific reference in such a filing.</div>
    </div>
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      <div><font style="font-weight: bold;">Item 8.01</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-weight: bold;">Other Events.</font></div>
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    <div style="background-color: #FFFFFF;">
      <div style="text-indent: 36pt;">On October 7, 2019, the Company issued a press release regarding the offering of Notes. A copy of the press release is attached hereto as
        Exhibit 99.2 and is incorporated herein by reference.</div>
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      <div><font style="font-weight: bold;">Item 9.01</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-weight: bold;">Financial Statements and Exhibits.</font></div>
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      <div style="text-indent: 27pt;">&#160;(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 45pt">&#160;</font>Exhibits</div>
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                <div style="font-family: 'Times New Roman', Times, serif;"><u>Exhibit No.</u></div>
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                <div style="font-family: 'Times New Roman', Times, serif;"><u>Description</u></div>
              </td>
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              <td style="width: 40%; vertical-align: top;">&#160;</td>
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                <div style="font-family: 'Times New Roman', Times, serif;">4.1</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="font-family: 'Times New Roman', Times, serif;">Form of Subordinated Note</div>
              </td>
              <td style="width: 21.4%; vertical-align: top;">&#160;</td>
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                <div style="font-family: 'Times New Roman', Times, serif;">10.1</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="font-family: 'Times New Roman', Times, serif;">Form of Subordinated Note Purchase Agreement</div>
              </td>
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                <div style="font-family: 'Times New Roman', Times, serif;">99.1</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="font-family: 'Times New Roman', Times, serif;">Investor presentation</div>
              </td>
              <td style="width: 21.4%; vertical-align: top;">&#160;</td>
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                <div style="font-family: 'Times New Roman', Times, serif;">99.2</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="font-family: 'Times New Roman', Times, serif;">Press Release dated October 7, 2019</div>
              </td>
              <td style="width: 21.4%; vertical-align: top;">&#160;</td>
            </tr>
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              <td style="width: 40%; vertical-align: top;">&#160;</td>
              <td style="width: 21.4%; vertical-align: top;">&#160;</td>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
      by the undersigned thereunto duly authorized.</div>
    <div>&#160;</div>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">BAY BANKS OF VIRGINIA, INC.</div>
          </td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 48.96%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
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          <td style="width: 48.96%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
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          <td style="width: 30%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', Times, serif;">Date:&#160; October 7, 2019</div>
          </td>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman', Times, serif;">By:</div>
          </td>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', Times, serif;">/s/ Judy C. Gavant</div>
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          <td style="width: 48.96%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Judy C. Gavant</div>
          </td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
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          <td style="width: 48.96%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Chief Financial Officer</div>
          </td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
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{"company-data": {"conformed-name": "BAY BANKS OF VIRGINIA INC", "cik": "0001034594", "assigned-sic": "6022", "irs-number": "541838100", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22955", "film-number": "191141410"}, "business-address": {"street1": "1801 BAYBERRY COURT", "street2": "HILLCREST BUILDING", "city": "RICHMOND", "state": "VA", "zip": "23226", "phone": "804-404-9668"}, "mail-address": {"street1": "P. O. BOX 17310", "city": "RICHMOND", "state": "VA", "zip": "23226"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):  October 7, 2019
BAY BANKS OF VIRGINIA, INC.
(Exact Name of Registrant as Specified in Charter)
Virginia
0-22955
54-1838100
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1801 Bayberry Court, Richmond, Virginia 23226
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 404-9668
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
        following provisions:
☐
Written communications pursuant to Rule 425 under the
        Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the
        Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule
        14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule
        13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
        or Rule 12b-2 of the Securities Exchange of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
        revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01
Entry into a Material Definitive Agreement
On October 7, 2019, Bay Banks of Virginia, Inc. (the "Company") entered into Subordinated Note Purchase Agreements (collectively, the
        "Purchase Agreement") with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company sold and issued $25.0 million in aggregate principal amount of 5.625% fixed-to-floating rate subordinated notes
        due 2029 (the "Notes").
The Notes will initially bear interest at 5.625% per annum, beginning October 7, 2019 to but excluding October 15, 2024, payable
      semi-annually in arrears. From and including October 15, 2024 through October 14, 2029, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 433.5
      basis points, payable quarterly in arrears. Beginning on October 15, 2024 through maturity, the Notes may be redeemed, at the Company's option, on any scheduled interest payment date. The Notes will mature on October 15, 2029.  The Purchase Agreement
      contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.
If certain events of default occur, such as the bankruptcy of the Company, the holder of a Note may declare the principal amount of the
        Note to be due and immediately payable. The Notes will be unsecured, subordinated obligations of the Company and will rank junior in right of payment to the Company's existing and future senior indebtedness. The Notes are not convertible into
        common stock or preferred stock, and are not callable by the holders.
The Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines, and the proceeds from the sale of the Notes
      will be utilized for general corporate purposes, including the potential repayment of the Company's existing subordinated debt (which debt becomes callable in May 2020) and supporting capital levels at Virginia Commonwealth Bank, the Company's
      subsidiary bank.
The Notes were offered and sold in reliance on the exemptions from registration provided by Section 4(a)(2) of the Securities Act of
        1933, as amended (the "Securities Act"), and Rule 506(b) of Regulation D thereunder.
The foregoing descriptions of the Purchase Agreement and the Notes do not purport to be complete and are qualified in their entirety by
        reference to the forms of the Purchase Agreement and the Note which are attached hereto as Exhibits 10.1 and 4.1, respectively, and are incorporated herein by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 7.01
Regulation FD Disclosure.
In connection with the offering of the Notes, the Company made presentations to potential investors. The information presented to such
        potential investors is attached as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
The information contained in this Item 7.01, including the information incorporated by reference herein from Exhibit 99.1, shall not be
        deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by
        specific reference in such a filing.
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Item 8.01
Other Events.
On October 7, 2019, the Company issued a press release regarding the offering of Notes. A copy of the press release is attached hereto as
        Exhibit 99.2 and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
4.1
Form of Subordinated Note
10.1
Form of Subordinated Note Purchase Agreement
99.1
Investor presentation
99.2
Press Release dated October 7, 2019
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
      by the undersigned thereunto duly authorized.
BAY BANKS OF VIRGINIA, INC.
Date:  October 7, 2019
By:
/s/ Judy C. Gavant
Judy C. Gavant
Chief Financial Officer
4