Virginia Banking Veteran to Open Springfield Branch in November
For Immediate Release — February 10, 2013
FVCbank (FVCbank) has announced that it has secured $6.7 million in its third capital raise. More than two thirds of the bank’s top 25 existing shareholders purchased additional shares in this recent offering, as well as dozens of new investors.
This announcement follows the bank’s recent recognition by Washington Business Journal as the fastest- growing bank in the Washington, DC-metro area, based on deposit growth of 49.71 percent in the time frame of September 30, 2010 to September 30, 2011.
“We very much appreciate our shareholders’ confidence in our future and we look forward to developing strong and lasting relationships with them,” said FVCbank Chairman and CEO David Pijor. “Our shareholders’ support and commitment to FVCbank will help us ensure our continued growth and our ability to meet our clients’ needs.”
Prior to this third capital raise, FVCbank’s stock had a book value of $9.21. The third raise sold shares to new shareholders at an industry leading 1.47 times book value, increasing the overall stock’s book value to $10.31. FVCbank’s growth has been on the fast track since its opening in November 2007. 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, DC area. FVCbank reached profitability in 2010, after only two years of operation and in one of the worst recessions in recent history. In a second offering, the bank raised $6.5 million.