The proposed combination would create a bank with $3 billion in assets in central Virginia.
Jay Hendricks, the company's chief operating officer, will succeed William Foster in August.
New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."
Pinnacle Bankshares and Virginia Bank Bankshares said the move will let each bank focus more on responding to the COVID-19 pandemic.
Zember abruptly resigned as CEO of Ameris Bancorp last summer.
The company will pay $29 million for Virginia Bank Bankshares.
For small regionals like Atlantic Union and F.N.B., the biggest opportunity to snag customers will come when the rebranding of BB&T and SunTrust branches begins next year.
Driver Management wants shareholders of Community Bankers Trust to push the Richmond company to find a buyer.
Michael Troutman will serve as chief revenue officer at Bay Banks of Virginia, where he will advise management and the board on growth opportunities.
One found a buyer, another announced plans to retire, and others took steps to reinvent their banks.
