Cardinal Financial Corp. gets regulatory approvals for Business Bank acquisition
- January 6, 2014
Cardinal Financial Corp. in Tysons Corner announced Monday that it has received regulatory approvals from the Federal Reserve Bank of Richmond and the State Corporation Commission (SCC) in Virginia for its $51.7 million acquisition of United Financial Banking Companies Inc., the holding company for The Business Bank (TBB) in Vienna.
Cardinal also reported that its wholly owned bank subsidiary, Cardinal Bank, received regulatory approvals from the Federal Deposit Insurance Corp. and the SCC for the merger of TBB into Cardinal Bank.
United Financial shareholders approved the merger of UFBC in December 2013. Cardinal Financial has scheduled the closing of the acquisition by the close of business on Jan. 15. The merger of TBB into Cardinal Bank’s operations is expected to occur in early March.
Cardinal Financial Corp., a financial holding company with assets of $2.8 billion, serves the Washington metropolitan region through Cardinal Bank, which has 29 banking offices. Cardinal also operates George Mason Mortgage LLC and Cardinal Wealth Services.
The Business Bank has eight branches in Northern Virginia and more than $330 million in assets.