Management Strategies

04:06 PM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

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 Oct. 14, 2014
Bank Systems & Technology's new Must Reads is a compendium of our best recent coverage of customer analytics. Learn what big data means for banks, meet Wells Fargo CDO Charles Thomas, find out how to connect with your Gen Y customers, and more.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.