Blue Ridge Bank and FVCbank Terminate Merger Agreement
JAN 21, 2022 - 6:21 am
Blue Ridge Bankshares, the parent company of Blue Ridge Bank, and FVCBankcorp, the parent company of FVCbank, mutually agreed to terminate their merger agreement, which was announced last July, pursuant to which the companies had agreed to combine in an all-stock merger of equals.
Both companies’ boards of directors approved the termination. The banks agreed that each company will bear its own costs and expenses in connection with the terminated transaction and that neither party will pay any termination fee as a result of the decision to terminate the merger agreement.
In a joint statement, Brian K. Plum, president and CEO of Blue Ridge Bank, and David W. Pijor, chairman and CEO of FVCbank, said, “Our boards of directors mutually concluded after careful consideration that it would not be prudent to continue to pursue the proposed merger of our companies. The termination of the merger agreement positions both companies to focus on the consistent growth and value creation they have each delivered through the years.”
In November, the two banks revealed that the Office of the Comptroller of the Currency identified certain regulatory concerns with Blue Ridge Bank that could impact the application process and timing of the proposed merger.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
The workplace of today is vastly different than it was even a couple years ago, but there are still many obstacles that impede employees, particularly women, from thriving in their jobs, ultimately disrupting success in other areas of life. Michelle... read more
The Convention that (Almost) Didn’t Happen The Equipment Leasing and Finance Association’s 61st Annual Convention was one that almost didn’t happen this year. Originally set to take place on Marco Island, FL, Hurricane Ian changed those plans and caused the... read more