First Virginia Community Bank (FVCBank) expanded into Arlington County, Va. on Oct. 19 when the five-year-old company closed its first acquisition in its corporate history and purchased 1st Commonwealth Bank of Virginia in an all-stock deal.
Sid Simmons, former chairman of 1st Commonwealth, has joined Fairfax, Va.-based FVCBank’s board of directors and will be joined at the combined company by customer service staff from 1st Commonwealth’s Arlington locations.
FVCBank gained $48 million in loans and $54 million in deposits in the deal, bringing its total assets to greater than $410 million, according to the company’s release.
1st Commonwealth’s former banking office located at 2500 Wilson Blvd. will also go to FVCBank as a result of the close.
“Following several years of strong organic growth, the acquisition demonstrates FVCbank’s ability to grow our franchise strategically,” said FVCbank Chairman and CEO David W. Pijor.
“FVCbank is excited to join the vibrant Arlington community and bring our new customers there a broader range of products and services,” he added.