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Virginia Heritage Bank branch office acquired by Cardinal Bank

Cardinal Financial Corporation recently announced that Cardinal Bank, its wholly owned subsidiary, will acquire the Gainesville, Virginia, branch office of Virginia Heritage Bank. Cardinal Financial Corporation, headquartered in Tysons Corner, Virginia, has assets of about $3.28 billion. Cardinal Bank has approximately 31 locations serving the greater Washington, D.C., area.

When the acquisition is complete, Cardinal Bank will take over the Virginia Heritage Bank branch office, which has deposits of about $59 million. The deposit premium is about $195,000. The acquisition will give Cardinal Bank three banking offices in the Manassas city market and Prince William County market area. The agreement to sell the branch bank by EagleBank and Eagle Bancorp Inc. is related to and will follow EagleBank's acquisition of Virginia Heritage Bank, which should be completed by the end of 2014. The acquisition will also require the approval of regulatory authorities.

In addition to Cardinal Bank, Cardinal Financial Corporation also owns George Mason Mortgage LLC, which has 17 offices throughout the metropolitan D.C. area, and Cardinal Wealth Services Inc., a wealth-management company. Cardinal's Chairman and CEO said that the company was looking forward to welcoming the Virginia Heritage Bank clients into Cardinal Bank. He also said that their mortgage banking office in Gainesville has been highly successful and this would be a good time to add banking services to that market.

Mergers and acquisitions are among some of the most complicated business transactions that most companies will ever see. They require considerable knowledge and experience in a variety of subjects, including business law, finance and regulation. Expertise is also required in performing due diligence and business valuations. Many companies rely on attorneys with experience in business law to help in negotiations and the preparation of legal documents.

Source: Market Watch, "Cardinal Financial Corporation Announces Plans to Acquire Gainesville Office of Virginia Heritage Bank", September 02, 2014

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