State regulators approve bank merger
- August 28, 2018
The merger of Fairfax-based FVCBankcorp and Rockville, Md.-based Colombo Bank has been approved by the Virginia Bureau of Financial Institutions and the Maryland Commissioner of Financial Regulation.
The merger, announced May 3, still must be approved by Colombo shareholders and meet other closing conditions.
The Federal Reserve Bank of Richmond approved the deal on July 26.
The banks expect to complete the merger during the fourth quarter.
FVCBankcorp would acquire Colombo in a cash and stock transaction valued at about $33.3 million.
The merger has been unanimously approved by the boards of directors of both institutions.
Founded in 2007, FVCBankcorp is the parent company of FVCbank, which has $1.1 billion in assets.
It has offices in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield.
Colombo Bank, initially called Apicella Bank, opened in 1914 in the "Little Italy" area of Baltimore.
In addition to Baltimore, it has offices in Rockville, Bethesda, Silver Spring in Maryland and the Shaw neighborhood of Washington, D.C.