BVI Airways said it was purchased by a New York bank on March 13. The airline did not name the buyer or the price paid.
The carrier currently serves Dominica and St. Maarten from Tortola, British Virgin Islands.
Jerry Willoughby has been named president and CEO, joining BVI Airways' co-founder and COO Luke Smith on the carrier's executive team.
Willoughby was a captain with Delta Airlines for a number of years and has served as an aviation consultant since 2007.
"With our capital base and management infrastructure fortified, we now have the tools and resources to expand in the Eastern Caribbean," said Smith.
BVI Airways will expand its fleet in the coming weeks, adding a second Jetstream 32 aircraft this summer. Its existing Jetstream 32 is in the U.S. undergoing a retrofit.
The aircraft will return to service on April 7. Haiti-based Sunrise Airways has been operating BVI Airways' flights from Tortola in the interim.