FVCBankcorp, Inc. maintains “Outperform” rating and target price, growth outlook strong
For Immediate Release — May 26, 2016
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 in respect to the issued and outstanding shares.
“We’re focused on building upon our successful momentum in 2015 and first quarter 2016 through a strong strategy and effective partnership with our shareholders,” stated David Pijor, Chairman, President and Chief Executive Officer of FVCBankcorp, Inc. “Our first quarter 2016 results reflect our strongest earnings performance to date, and the Board’s decision to split the stock demonstrates confidence that our business model will continue to deliver solid results and generate significant value for our shareholders.”
The increase in the number of issued and outstanding shares through the stock split is intended to stimulate the development of a more active public market in the common stock; maintain the relative affordability of an investment in the Bank’s common stock for small investors; as well as increase overall shareholder value.
Each shareholder of record, as of 5:00 p.m. EDT (Eastern Daylight Time) on June 15, 2016 (the “Record Date”), shall receive an additional one-quarter (.25) per share of common stock held. The payment date for the new shares will be completed to shareholders on June 30, 2016. The Company had approximately 6.51 million shares of common stock outstanding as of March 31, 2016. The stock split will increase the common shares outstanding to approximately 8.14 million.
The Company reported strong financial performance for the year ended December 31, 2015, with record earnings and loan growth, including a net income increase to $5.4 million, a $1.3 million increase, or 31.1% compared with $4.1 million in 2014. The 2015 financial performance was followed by record earnings of $1.4 million for the first quarter of 2016. 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.