FVCbank Completes Acquisition of 1st Commonwealth
For Immediate Release — November 20, 2009
FVCbank recorded continued strong growth in the third quarter of 2009, with both loans and deposits more than doubling from the third quarter of 2008. As of September 30, 2009, loans outstanding totaled $ 97.7 million, an increase of $59.9 million, or 159% compared to September 30, 2008. During this same 12 month period, deposits increased by $62.1 million to $112.6 million, an increase in excess of 123%. FVCbank continues to maintain ample liquidity as evidenced by the Bank’s loan to deposit ratio of 86.7%. Capital ratios remain significantly in excess of regulatory requirements, enabling the Bank to prudently manage the anticipated continued growth.
The Bank reported a net loss of $180 thousand for the quarter ended September 30, 2009, compared with a net loss of $794 thousand for the same 2008 period. The improved performance is attributable to increased net interest income, with loan and core deposit growth and only marginally increased expenses. “We are pleased to achieve this milestone of excellent loan growth, and improved net interest margin while maintaining a stable and growing deposit base. Because of our growth we are now on the cusp of realizing our goal of achieving profitability within two years of forming our bank,” said David W. Pijor, Chairman and Chief Executive Officer of the Bank. “Our business success is based on our consistent execution of the fundamentals of responsible customer focused banking which has been particularly important in this challenging economic environment.”
FVCbank attributes its continued success to the commitment of its shareholders, Board of Directors, experienced and talented team of professional bankers, and loyal customers.