Fairfax, VA-FVCBankcorp Inc. (OTCQX:FVCB) (the “Company”) today reported first quarter 2018 earnings increased 29% from a year ago to $3.0 million
For Immediate Release — August 31, 2017
FVCbank announces five-‐for-‐four common stock split FAIRFAX, Va
FVCBankcorp, Inc. (OTCQX: FVCB), (the “Company”) announced today that its Board of Directors approved a five-‐for-‐four split of the Company’s common stock in the form of a 25 percent stock dividend for shareholders of record on September 5, 2017, payable on September 25, 2017.
“We are delighted to show our appreciation to our shareholders through this stock dividend following our recent successful private placement stock offering and our strong financial performance during the first half of 2017,” stated David W. Pijor, Chairman and CEO of the Company.
Each shareholder of record, as of 5 p.m. EDT (Eastern Daylight Time) on September 5, 2017 (the Record Date), shall receive an additional one-‐quarter (.25) share for each share of common stock held. The payment date for the new shares will be completed to shareholders on September 25, 2017. The Company had approximately 8.7 million shares of common stock outstanding after its private placement offering. The stock split will increase the common shares outstanding to approximately 10.9 million.
The Company reported strong financial performance for the six months ended June 30, 2017, with net income increasing to $4.4 million, an $895 thousand increase, or 25.2%, compared with $3.6 million for the same 2016 period. The Company continues its commitment to providing shareholder-‐centered opportunities, such as this common stock split.
Caution About Forward-‐Looking Statements
This press release contains forward-‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to statements about the Company’s plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of the Company’s operations and policies and regarding general economic conditions. These forward-‐ looking statements are based on current beliefs that involve significant risks, uncertainties and assumptions. Because of these uncertainties and the assumptions on which the forward-‐looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-‐looking statements.
About FVCBankcorp, Inc.
FVCBankcorp, Inc. is the bank holding company for FVCbank. FVCbank commenced operations in November 2007 and is the wholly-‐owned subsidiary of FVCBankcorp, Inc. FVCbank is a $973 million Virginia chartered community bank serving small and mid-‐sized businesses and personal banking customers in the Washington D.C. Metropolitan and Northern Virginia area. Locally owned and managed, it is based in Fairfax, Virginia, and has additional full-‐service offices in Arlington, Ashburn, Manassas, Reston and Springfield, Virginia. For more information on the Company’s stock split announcement, please visit www.fvcbank.com.