Pijor, Chairman and Chief Executive of FVCB
According to the terms of the merger agreement, Colombo shareholders will receive a number of shares determined by dividing USD 0.043492 by the average of the closing price per share of FVCB
common stock for the five trading days ending on and including the second trading day immediately prior to the closing date and cash in an amount equal to USD 0.053157 per share.
The balance of the net proceeds from the offering will be used to increase the capital of FVCbank in order to support its growth strategies, for working capital and for other general corporate purposes, and to strengthen FVCB
's regulatory capital.
In May, FVCBankcorp and Colombo Bank entered a deal pursuant to which FVCB
will acquire Colombo in a cash and stock transaction for total consideration valued at approximately USD 33.3m.
As per the agreement, each share of Colombo common stock has been converted into 0.002217 shares of FVCB
common stock and USD0.053157 in cash, effective on the transaction.
is the wholly owned subsidiary of FVCB
. FVCbank is a USD 1.1 billion Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, DC, metropolitan and Northern Virginia area.
), has announced that it has launched its initial public offering of 1.75m newly issued shares of its common stock at a prices that is expected to be between USD 19 and USD 21 per share, the company said.
Also, the company said that the shares will begin trading under the symbol "FVCB
" on 14 September 2018, on the Nasdaq Capital Market.
) has said that it has launched its initial public offering of newly issued shares of its common stock.
) and Colombo Bank (OTC PINK: IFSB) have jointly announced that the Virginia Bureau of Financial Institutions and the Maryland Commissioner of Financial Regulation have approved the merger of Colombo Bank with and into FVCbank, the companies said.
) (OTC: FVCB
), the holding company for FVCbank, and Colombo Bank (OTC: IFSB) have jointly said that the Virginia Bureau of Financial Institutions and the Maryland Commissioner of Financial Regulation have approved the previously announced merger of Colombo Bank with and into FVCbank.
) has announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed underwritten offering of newly issued shares of its common stock, the company said.