First Virginia Community Bank (FVCbank) has closed on its acquisition of 1st Commonwealth Bank of Virginia. The deal marks FVCbank’s expansion into Arlington County. The all-stock transaction, which closed on Oct.19, represents the first acquisition for the five-year-old Fairfax-based bank.
“Following several years of strong organic growth, the acquisition demonstrates FVCbank’s ability to grow our franchise strategically,” FVCbank Chairman and CEO David W. Pijor, said in a statement.
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. Altogether, the deal boosted FVCbank’s total assets to more than $410 million.
Sid Simmons, former chairman of 1st Commonwealth, will join FVCbank’s board of directors.
The bank, which opened in November of 2007, serves small and mid-sized businesses and personal banking customers in Northern Virginia. Locally owned and managed, it had $2 million in income in 2011, an increase of 147 percent, or $1.1 million, above 2010. Besides Arlington and Fairfax, it has offices in Manasssas and Reston.
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