TYSONS CORNER, Va., Aug. 6, 2019 /PRNewswire/ -- Founders of VisionBank (In Organization) have agreed to join Old Dominion National Bank to help bolster the bank's mission to provide a true community banking experience to growing numbers of businesses and individuals throughout the Washington, D.C. metro area.
The boards of directors of both Old Dominion and VisionBank unanimously approved the agreement. Melinda H. McClure, VisionBank's Chairman and CEO, will join Old Dominion as Executive Vice President and Chief Strategy Officer. Richard D. Horn, VisionBank's Chief Operating Officer and General Counsel, is also joining Old Dominion as Executive Vice President and General Counsel of the established community bank.
"We are assembling an unparalleled team of business and civic leaders to bring true community banking to our customers," Old Dominion Chairman and CEO Mark S. Merrill said. "We are thrilled to join forces with Mindi, Rick and other VisionBank founders, as our team of career community bankers continues to execute our growth strategy for our independent, locally owned and managed financial institution."
Old Dominion opened its Tysons Corner full-service branch and executive headquarters in 2017 and has had its leadership team there for nearly three years. Since mid-2016, when Merrill was named CEO, the bank has organically grown its balance sheet by nearly six fold to more than $325 million in assets and more than $265 million in deposits. Old Dominion's current leadership team has also raised nearly $69 million in equity capital, largely from accredited individual investors within the bank's footprint. Today, the bank operates five full-service branches and invests in recruiting and retaining top talent, employing nearly 70 professionals, many of whom came to Old Dominion after their Washington area community and regional banks were acquired by much larger institutions.
"We organized VisionBank to fill a community banking void in the market created by a decade long consolidation wave, and are proud of the support this effort received from our founders, directors and leaders in the local business community," McClure said. "By joining Mark and the Old Dominion team, we can fulfill our mission of building Washington's Next Great Community Bank on a larger platform with a fantastic team of seasoned bankers."
Old Dominion expects that it will bring multiple VisionBank founders onto its Board and its regional advisory board to continue its effort to bring community leaders together to build a great community bank.
McLean-based VisionBank (In Organization), which was formed in 2018 to become a Virginia-chartered commercial bank, has withdrawn its previously submitted applications to bank regulators. The terms on which VisionBank founders will join Old Dominion were not disclosed.
About Old Dominion National Bank
Old Dominion is an independent, locally-owned and managed community bank with executive headquarters in Tysons Corner, Va. and more than $325 million in assets. Old Dominion's Tysons Corner full-service branch serves a growing number of customers across the Washington metropolitan area, and the bank's three full-service locations in the Charlottesville area serve Albemarle County and Central Virginia. Centre1st, a division of Old Dominion National Bank, serves the Central Pennsylvania area with a full-service branch in State College, Pa. Old Dominion offers a full range of commercial and consumer financial services in the communities it serves. Please visit the bank online at ODNBonline.com.
Forward Looking Statements
Certain statements in this press release, including statements regarding the anticipated development and expansion of the bank's business, and the intent, belief or current expectations of Old Dominion National Bank and VisionBank (In Organization), their directors or its officers, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could." These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the forward-looking statements, including the following: the strength of the United States economy in general and the strength of the local economies in which Old Dominion conducts operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; Old Dominion's ability to access cost-effective funding; the timely development of and acceptance of Old Dominion's new products and services and the perceived overall value of these products and services by customers, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in Old Dominion's market areas; legislative or regulatory changes that adversely affect Old Dominion's business; results of examinations of Old Dominion and its subsidiaries by their regulators, including the possibility that such regulators may, among other things, take regulatory enforcement action or require Old Dominion to increase its reserves for loan losses or to write-down assets; the impact of technological changes; and Old Dominion's success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management's beliefs and assumptions at the time they are made. Old Dominion undertakes no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.
Old Dominion National Bank
Chairman and Chief Executive Officer
VisionBank (In Organization)
Chairman and Chief Executive Officer
SOURCE Old Dominion National Bank