First Virginia Community Bank Completes Acquisition of 1st Commonwealth
Buckley Sandler represented First Virginia Community Bank on the transaction.
FAIRFAX, Va. – First Virginia Community Bank (FVCbank) closed on its acquisition of
1stCommonwealth Bank of Virginia on Friday, October 19, marking FVCbank’s expansion into Arlington County. The all-stock transaction represents the first acquisition for the five-year-old bank, which is based in Fairfax, Virginia.
“Following several years of strong organic growth, the acquisition demonstrates FVCbank’s ability to grow our franchise strategically,” said FVCbank Chairman and Chief Executive Officer David W. Pijor.
With the acquisition, FVCbank gained $48 million in loans and $54 million in deposits, as well as 1st Commonwealth’s former banking office, located at 2500 Wilson Blvd. in Arlington, bringing FVCbank to total assets in excess of $410 million.
“FVCbank is excited to join the vibrant Arlington community and bring our new customers there a broader range of products and services,” said Pijor. “The merger offers all FVCbank customers the added convenience of more banking locations and the benefits of our greater lending capacity.”
Sid Simmons, former chairman of 1st Commonwealth, will join FVCbank’s board of directors, and former 1st Commonwealth customer service staff will continue to serve Arlington account holders.
In the next several weeks, FVCbank will notify the newly acquired customers about its full line of products and services, including online banking and bill pay, and remote deposit. FVCbank expects to complete the transition of operations and services in December.
“Facilitating a smooth integration is a top priority for us,” said Pijor, “Everyone at FVCbank is committed to making it a positive, virtually effortless experience for customers.”
About First Virginia Community Bank
First Virginia Community Bank is a state-charted bank serving small and mid-sized businesses and personal banking customers in Northern Virginia. Locally owned and managed, it’s based in Fairfax, Va. and has additional full-service offices in Arlington, Manassas and Reston. FVCbank had record earnings for 2011, with $2 million in total income, an increase of 147.1%, or $1.191 million, over 2010.
FVCbank opened for business in November 2007, just 11 months after raising $23.0 million in capital. Growing at a brisk pace, it raised $6.3 million in a second private stock offering in the fall of 2010, and completed a third private stock offering in December 2011, raising an additional $6.7 million.
Visit www.fvcbank.com for more information.