Management Strategies

04:06 PM
Connect Directly

First Virginia Community Bank Completes Acquisition of First Commonwealth Bank of Virginia

The acquisition is the first in the history of the 5-old-bank and will add $410 million in assets to the institution.

First Virginia Community Bank completed its acquisition of First Commonwealth Bank of Virginia last Friday, the first acquisition the 5-year-old bank has completed. The acquisition added $48 million in loans and $54 million in assets to First Virginia. All told, a statement released by First Virginia last week said, the deal will add more than $410 million in assets to the bank.

[See Related: Protecting Data During a Major Merger]

First Virginia also expects to complete the the transition of operations and services involved in the acquisition by December, the statement said. In the next several weeks the bank will notify former First Commonwealth customers about the products and services offered by First Virginia Community Bank, such as online bill pay and remote deposit capture.

"Following several years of strong organic growth, the acquisition demonstrates First Virginia Community Bank's ability to grow our franchise strategically," David Pijor, the bank's Chairman and CEO said. "The merger offers all First Virginia Community Bank's customers the added convenience of more banking locations and the benefits of our greater lending capacity."

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Bank Systems & Technology Radio