Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Power Up Virginia 500
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Power Up Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Advertisement

Header Primary Menu

  • Issues
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Power Up Virginia 500
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Power Up Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Home News Industries Banking/Finances WashingtonFirst Bankshares to acquire 1st Portfolio Holding Corp.

WashingtonFirst Bankshares to acquire 1st Portfolio Holding Corp.

Published May 15, 2015 by Robert Powell, III

Reston-based WashingtonFirst Bankshares Inc. plans to take over 1st Portfolio Holding Corp. in a $7.7 million stock merger.

Fairfax-based 1st Portfolio is the holding company for 1st Portfolio Lending Corp. and 1st Portfolio Wealth Advisors.

The deal is expected to close early in the third quarter of 2015.

WashingtonFirst, the parent company of WashingtonFirst Bank, believes the deal will significantly expand its mortgage lending business while adding a new line of business — wealth management — to its financial services.

In the 12 months ended April 30, 1st Portfolio Lending originated about $500 million in residential mortgage loans.  On the same date, 1st Portfolio Wealth Advisors managed client assets worth about $238 million.

Under the terms of the merger agreement, accredited shareholders of 1st Portfolio will receive $7.7 million in WashingtonFirst common stock valued at $16 per share.

Ten percent of the merger consideration will be held in escrow for one year to secure 1st Portfolio’s indemnification obligations under the merger agreement.

WashingtonFirst will issue shares of its common stock in exchange for up to $7 million in new capital, representing 1st Portfolio’s tangible equity capital in excess of $2.5 million. As of March 31, the amount of such excess capital was approximately $5.1 million.

Non-accredited 1st Portfolio shareholders of 1st Portfolio, who hold approximately 2 percent of its  common stock, will receive cash consideration in lieu of shares of WashingtonFirst common stock.

After the merger, 1st Portfolio Wealth Advisors will be a subsidiary of WashingtonFirst,  while 1st Portfolio Lending Corp. will be a division of WashingtonFirst Bank.

Michael Rebibo, 1st Portfolio’s CEO, will join WashingtonFirst as an executive in charge of those two lines of business.

Founded in 2004, WashingtonFirst has completed three other acquisitions in the past nine years: First Liberty National Bank in 2006, Alliance Bankshares Corp. in 2012, and Millennium Bank N.A. last year.

In this transaction, Sandler O'Neill + Partners, LP served as financial advisor to WashingtonFirst and Troutman Sanders LLP served as legal counsel. Cooley LLP served as legal counsel to 1st Portfolio.

WashingtonFirst has $1.4 billion in total assets and 17 branches in the Washington, D.C., metro area.

Related Stories

Virginia Business logo

Capital One completes sale of Best Buy credit-card accounts

Virginia Business logo

Maryland bank to open two branches in Fredericksburg

Virginia Business logo

Virginia Partners Bank to sell 500,000 shares of its common stock

Trending

Va. Beach honors Ramon W. Breeden Jr.

Caesars ups Danville casino investment to $650M

CarLotz to merge with San Francisco’s Shift

Restoration Bioproducts to build $5.8M biochar plant

Axios to be sold to Cox Enterprises for $525M

Sponsored Stories

Creating An Urban Destination in Chesapeake

5 surprising facts employers should know about voluntary benefits

What Supply Chain Problems should you be planning for in 2023?

Advertisement

Advertisement

Trending

Va. Beach honors Ramon W. Breeden Jr.

Caesars ups Danville casino investment to $650M

CarLotz to merge with San Francisco’s Shift

Restoration Bioproducts to build $5.8M biochar plant

Axios to be sold to Cox Enterprises for $525M

Sponsored Stories

Creating An Urban Destination in Chesapeake

5 surprising facts employers should know about voluntary benefits

What Supply Chain Problems should you be planning for in 2023?

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2022 Virginia Business. All rights reserved.

Site Maintained by TechArk