FVCbank Completes Acquisition of 1st Commonwealth
For Immediate Release — January 23, 2012
FVCbank (FVCbank), headquartered in Fairfax, is the Washington-area’s fastest growing bank in terms of deposit growth, according to the Washington Business Journal. On January 20, the Journal listed 50 metro banks in terms of deposit growth from September 30, 2010 to September 30, 2011. FVCbank led the list with a 49.7% growth in deposits for the 12-month period.
FVCbank has been on the fast track since its opening on November 27, 2007, starting with one of the fastest capital campaigns in Virginia banking. Chairman and CEO David Pijor raised $23 million in eight weeks and opened the bank in just 11 months – one of the fastest openings on record in the Washington area. FVCbank reached profitability in 2010, after only two years of operation and in one of the worst recessions in recent history. At year-end 2010, FVCbank’s deposits increased 49.4% over the previous year.
“We have been able to take advantage of the Washington area’s high growth market with our combination of service to our customers and commitment to the community,” says Chairman and CEO David Pijor. “Our growth plan centers on a team of experienced bankers and is backed by our board of directors and our loyal investors.”