American bank holding company FVCBankcorp has received approval from the Federal Reserve Bank of Richmond to complete the previously announced acquisition of Colombo Bank.
The transaction, first announced in May this year, is still awaiting approval from the Virginia Bureau of Financial Institutions and the Maryland Commissioner of Financial Regulation and the approval of Colombo’s shareholders, as well as other closing conditions.
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Once these permissions are granted and such conditions are satisfied, FVCBankcorp and Colombo will conclude the merger during the fourth quarter of 2018.
After the completion of the cash and stock transaction, valued at approximately $33.3m, Colombo will merge into FVCbank – a subsidiary of FVCBankcorp – and will operate as its fully owned subsidiary.
Headquartered in Rockville of Maryland, Colombo Bank has five full-service locations in Bethesda, Rockville, Silver Spring and Baltimore, Maryland and Washington, D.C.
FVCbank has $1.1bn of assets and operates as a chartered community bank in Virginia. The bank operates six full-service bank branches in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield, Virginia.
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