Fvcbankcorp Inc Stock Price, News & Analysis

Blue Ridge Bankshares and FVCBankcorp have mutually agreed to terminate their merger agreement originally announced on July 14, 2021. This decision comes after both boards reviewed the progress made towards the merger and determined that it was not prudent to continue. The companies will now focus on their independent growth strategies without incurring termination fees or external costs. The joint statement emphasized their commitment to consistent growth and value creation separately.

Blue Ridge Bankshares and FVCBankcorp have mutually agreed to terminate their merger agreement originally announced on July 14, 2021. Following careful consideration, both companies' boards concluded it was imprudent to continue pursuing the merger. The decision allows each company to focus on consistent growth and value creation. Each party will bear its own expenses related to the terminated agreement, and no termination fees will be paid.

FVCBankcorp, Inc. (NASDAQ: FVCB) reported a net income of $4.7 million for Q3 2021, marking a 21% increase from Q3 2020. Year-to-date net income is $15.4 million, a 47% increase year-over-year. Operating earnings rose 51% year-over-year in Q3, totaling $5.8 million. The company experienced 10% loan growth and strong credit quality metrics, with nonperforming loans down to 0.18% of total assets. Deposits grew 13% year-over-year, while net interest income increased to $14.5 million. The merger with Blue Ridge Bankshares is under regulatory review, anticipated to close in mid-2022.

Blue Ridge Bankshares (NYSEAM: BRBS) and FVCBankcorp (NASDAQ: FVCB) provided an update on their all-stock merger agreement announced on July 14, 2021. The merger aims to create a $5 billion franchise in Virginia and is pending regulatory and shareholder approvals. However, the Office of the Comptroller of the Currency has raised regulatory concerns regarding Blue Ridge Bank, which may affect the merger timeline. Both companies are committed to resolving these issues promptly, with completion expected in Q2 or Q3 of 2022.

Blue Ridge Bankshares and FVCBankcorp have provided an update on their all-stock merger initially announced on July 14, 2021. The merger aims to create a $5.0 billion franchise in Virginia, pending regulatory approvals and shareholder consent. However, the Office of the Comptroller of the Currency has raised some regulatory concerns regarding Blue Ridge Bank. Both companies are committed to resolving these issues and expect the merger to be completed in the second or third quarter of 2022. The transaction is viewed as strategically beneficial by both parties.

FVCbank has acquired a 28.7% ownership interest in Atlantic Coast Mortgage, LLC (ACM) as of August 31, 2021. The investment enhances FVCbank's capabilities by providing a warehouse lending facility to ACM, which specializes in 1-4 family residential mortgage and construction loans. This partnership aims to expand FVCbank's mortgage product offerings and revenue mix. ACM, founded in 2011, operates in Virginia, Maryland, and D.C., with a network of 12 branches and a seasoned management team led by CEO Timur Tunador.

FVCBankcorp reported a 79% increase in net income to $5.2 million for Q2 2021, with diluted EPS of $0.36, up from $2.9 million in Q2 2020. Net revenues rose to $14.9 million from $13.4 million. For the first half of 2021, net income reached $10.7 million, a 62% increase year-over-year. Loan growth was notable, with an increase of 28% annualized. The company expects continued loan growth and is planning a transformational merger with Blue Ridge Bankshares.

Blue Ridge Bankshares and FVCBankcorp announced a definitive all-stock merger agreement, aiming to create the 4th largest Virginia-headquartered community bank. This merger enhances growth potential and profitability while introducing new revenue streams through various business lines. FVCB shareholders will receive 1.1492 shares of Blue Ridge for each share held. The merged entity will be headquartered in Fairfax, Virginia, with an expected closing in Q4 2021 or Q1 2022. The transaction targets significant earnings per share accretion and boasts strong capital ratios.

Blue Ridge Bankshares and FVCBankcorp announced a merger agreement, forming Virginia's 4th largest community bank by assets. This all-stock merger aims to enhance growth, profitability, and shareholder value through increased fee income and product lines. FVCB shareholders will receive 1.1492 shares of Blue Ridge common stock for each share held, resulting in approximately 47.5% ownership for FVCB and 52.5% for Blue Ridge. The merger is projected to close in Q4 2021 to early Q1 2022, pending approvals. The combined firm plans to target top-tier profitability, with an estimated 2022 ROAA of 1.4% and EPS accretion of 16%+ for Blue Ridge.