By GREGORY J. GILLIGAN Richmond Times-Dispatch
Two regional financial institutions in Virginia plan to merge to create the fourth largest community bank based in the state.
Charlottesville-based Blue Ridge Bankshares Inc., the parent company of Blue Ridge Bank, and Fairfax-based FVCBankcorp Inc., the parent company of FVCbank, announced late Wednesday that they had reached a definitive agreement to participate in the, what companies call “an association of equals.”
The combination is expected to close in the fourth quarter or early first quarter of 2022, subject to shareholder approval, regulatory approvals, and other customary closing conditions.
The deal would create a Fairfax-based combined company with around $ 5.05 billion in assets. The companies did not say what the combined bank will be called.
Blue Ridge has 30 banking offices primarily in the Richmond, Northern Neck, Hampton Roads, Piedmont, Southside and Shenandoah Valley areas of Virginia, along with 10 mortgage offices in Virginia and North Carolina. It had assets of $ 3,167 as of March 31.
FVCbank has nine full-service offices in Arlington, Fairfax, Manassas, Reston, and Springfield, Virginia; in the District of Columbia; and in Baltimore, Bethesda, and Rockville, Maryland. It was worth $ 1.88 billion.