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A Washington banking company said Friday it will provide the capital and other resources for Consolidated Bank & Trust Co. of Richmond to regain financial soundness and expand its role in the community. Consolidated, the nation’s longest continuously operating black-owned bank, has agreed to become part of Abigail Adams National Bancorp Inc. As part of the merger, Consolidated will keep its Virginia bank charter, its name and management, said Kathleen Walsh Carr, president and chief executive officer of Abigail Adams National Bancorp. The Washington banking company announced Thursday that it agreed to acquire financially struggling Consolidated through an exchange of stock valued at $2.5 million. The agreement still must be approved by Consolidated shareholders and by bank regulators. The company said it expected to complete the transaction by June 30. Kim D. Saunders, who has been president and chief executive officer of Consolidated since late 2003, will continue in those posts, Carr said. Despite the bank’s difficulty raising needed capital, Saunders has done a commendable job improving the quality of assets at Consolidated, Carr said. [more]