FAIRFAX, Va.--(BUSINESS WIRE)--FVCBankcorp, Inc. (Nasdaq: FVCB), announced that the acquisition of Colombo Bank, through the merger of Colombo with and into FVCbank, became effective on October 12, 2018, after the close of business.
As a result of the merger, FVCbank has aggregate assets on a pro forma basis as of June 30, 2018 of approximately $1.4 billion, net loans of approximately $1.1 billion and deposits of approximately $1.2 billion. FVCbank now has 11 full service branches in Northern Virginia, Montgomery County, Maryland, Baltimore, Maryland and the District of Columbia and one loan production office in Lutherville, Maryland.
Each share of Colombo common stock has been converted into 0.002217 shares of FVCB common stock and $0.053157 in cash, as a result of the effectiveness of the merger, except that any beneficial owner of Colombo common stock that is entitled to receive fewer than 100 shares of FVCB common stock is entitled to elect to receive all cash consideration of $0.096649 per share of Colombo common stock. As a result of the acquisition, FVCB is issuing approximately 763,000 shares of FVCB common stock. The aggregate value of the transaction, based on FVCB’s closing price on October 12, 2018 is approximately $33.3 million.
“We are extremely excited about our combination with Colombo Bank and what this means for customers, shareholders and the community,” said David W. Pijor, Chairman and Chief Executive of FVCB and FVCbank. “We are dedicated to providing our customers in our Maryland and Washington D.C. markets with a high level of service, value added technology and banking products, and a commitment to excellence. We welcome Morton Bender to our Board, Gil Kennedy as our Regional President for Washington D.C./Maryland and the team of Colombo professionals to our combined company.”
Mr. Bender stated, “I am proud to be joining FVCB’s and FVCbank’s boards of directors and working to expand the combined bank’s customer reach within our larger branch footprint. I am very pleased to have combined Colombo Bank in partnership with FVCB, a company committed to excellence in the community banking model.”
Mr. Kennedy said, “I am delighted to be joining FVCbank as an executive officer and market president expanding on the great momentum our colleagues at Colombo have achieved in recent years. I look forward to working with FVCbank’s exceptional people to continue to serve our existing customers and develop new customers.”
About FVCBankcorp, Inc.
FVCbank commenced operations in November 2007 and is the wholly-owned subsidiary of FVCB. FVCbank is a $1.1 billion Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, D.C., metropolitan and Northern Virginia area. Locally owned and managed, it is based in Fairfax, Virginia, and has 11 full-service offices in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield, Virginia; Washington, D.C.; and Baltimore, Bethesda, Rockville and Silver Spring, Maryland.
