Blue Ridge Bank, FVCbank merger called off
Merger was delayed in November 2021
The merger of the parent companies of Charlottesville-based Blue Ridge Bank and Fairfax-based FVCbank has been called off, the companies announced late Thursday.
Blue Ridge Bankshares Inc. and FVC Bankcorp Inc. mutually agreed to terminate the agreement, which was first announced in July 2021. The companies delayed the merger, which would have created a $5 billion combined company, five months later, in November 2021.
“Our boards of directors mutually concluded after careful consideration that it would not be prudent to continue to pursue the proposed merger of our companies, ” Blue Ridge President and CEO Brian K. Plum and FVCB Chairman and CEO David W. Pijor said in a joint statement. “The termination of the merger agreement positions both companies to focus on the consistent growth and value creation they have each delivered through the years.”
In February 2021, Blue Ridge completed a merger with Richmond-based Bay Banks of Virginia Inc., parent holding company of Virginia Commonwealth Bank, creating a bank with nearly $2.8 billion in assets.
Founded in 1893, Blue Ridge Bank has 26 locations, including one in Greensboro, North Carolina. As of July 30, the bank had $2.76 billion in assets.
FVCbank began operating in November 2007. The company has $2 billion in assets and has 10 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, as well as in Washington, D.C., Baltimore and Rockville, Maryland.