FVCbank Completes Acquisition of 1st Commonwealth
For Immediate Release — July 11, 2011
FVCbank (FVCbank) has opened a new branch office at 11260 Roger Bacon Drive (at the corner of Wiehle Avenue and Roger Bacon Drive) in Reston, Virginia. Stephanie Carey serves as branch manager; Sergio Silva, assistant branch manager; and Afshin Rouhani, customer service representative/teller.
The Reston office is the third branch for FVCbank. The bank’s corporate offices and main office branch, located at 11325 Random Hills Road, Fairfax, Virginia 22030, were opened in November 2007.The Bank’s second office, located at 7900 Sudley Road, Manassas, Virginia, opened in July 2008.
Opening of the Reston branch is part of an expansion effort funded by a private stock offering, which raised $6.3 million in the fall of 2010.
“With other banks retrenching, we see this as a time to take market share in Northern Virginia’s high growth market,” says Chairman and CEO David W. Pijor. “Our Reston office will be a combination branch and loan production office for our government contracting business, led by Michael Donovan, Senior Vice President – Commercial Lender, and Christopher Turley, Vice President – Commercial Lender, who specializes in government contractor lending. Donovan joined our staff in 2009 and Turley in 2010. We believe in building our branches around experienced bankers.”
FVCbank reached profitability in 2010 after only two years of operation and in one of the worst recessions in recent history: For the year ended December 31, 2010, FVCbank’s net income totaled $809,301, a $2.4 million positive increase in earnings compared with a net loss of $1.5 million for the year ended December 31, 2009. The Bank’s total assets grew by 46.1% from the prior year end, reaching $207.3 million. Gross loans increased by 53.5% to $165.4 million and deposits increased 49.4% to $176.3 million.
The growth of FVCbank continues this year, with a 48.3% growth in total assets in the past 12 months to $251.0 million as of June 30, 2011, compared with $169.3 million at June 30, 2010. In the same period, the Bank’s loan portfolio grew 51.9% from $128.1 million at June 30, 2010, to $194.5 million at June 30, 2011.