Two regional financial institutions in Virginia are considering merging to create the fourth-largest community bank headquartered in the state.
Two Virginia Banks Consider Merger, Creating State-Based Fourth Largest Community Financial Institution | Economic news
Charlottesville-based Blue Ridge Bankshares Inc., the parent company of Blue Ridge Bank, and Fairfax-based FVCBankcorp Inc., the parent company of FVCbank, said Wednesday evening that they had reached a definitive agreement to combine in this that the companies called “a merger of equals.”
The combination is expected to be finalized in Q4 or early Q1 2022, subject to shareholder approval from both companies, regulatory approvals and other customary closing conditions.
The deal would create a combined Fairfax-based company with approximately $ 5.05 billion in assets and 39 branches and mortgage offices in three states and the District of Columbia. The companies have not said what the combined bank will be called.
Blue Ridge has 30 bank offices primarily in the Richmond, Northern Neck, Hampton Roads, Piedmont, Southside and Shenandoah Valley areas in Virginia, as well as 10 mortgage offices in Virginia and North Carolina. His assets stood at $ 3,167 as of March 31.
FVCbank has nine full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia; in the District of Columbia; and in Baltimore, Bethesda and Rockville in Maryland. Its assets stood at $ 1.88 billion.