FVCbank announces strong growth in both deposits and loans for the year ending 2008, the bank’s first full year of operation.
For Immediate Release — February 12, 2009
David W. Pijor, Chairman and Chief Executive Officer FVCbank announced strong growth in both deposits, and loans for year ending 2008, the bank’s first full year of operation. He noted that the bank’s total assets grew to nearly $ 103,000,000 and “exceeded our plans.” In addition, since opening in November 2007, the bank has made over 180 new loans approximating $ 58,000,000 and has taken in more than $ 82,000,000 in deposits.
At this pace, Pijor said he anticipated “continuing to grow and reaching break even this year, right in line with our plans. We hope to double our size in 2009.” Though he admitted these are “challenging times” with the financial industry being “tested last year in a way that most of us have never seen before,” he said FVCbank’s local roots and focus give it a built-in advantage.
“The current stream of negative economic news is making people nervous about the financial markets and about where to put their money to keep it safe,” Pijor commented, “My advice to nervous folks, whether you’re a sophisticated investor or an everyday consumer, is to put your money in a well-capitalized, well-managed, traditional community bank like ours.”
“We’re a small [but safe] bank right now and our long-term plan is to grow this wonderful bank of ours into a highly successful, respected regional banking franchise,” stated Pijor. “We are excited about our prospects for this year and beyond and are looking forward to a bright future of growth and continued success.”
FVCbank was established in December 2007 in hopes of once again providing business and consumer customers with the best practices of old-fashioned, know your banker by first name, face-to-face banking. “Our very experienced staff of community-minded employees has helped to make this possible. By combining the old-fashioned friendliness of real people with the technological convenience of online banking, FVCbank offers the best of both banking worlds” said Pijor.