Blue Ridge Bankshares, the parent company of Blue Ridge Bank, and FVCBankcorp, the parent company of FVCbank, mutually agreed to terminate their merger agreement, which was announced last July, pursuant to which the companies had agreed to combine in an all-stock merger of equals.
Both companies’ boards of directors approved the termination. The banks agreed that each company will bear its own costs and expenses in connection with the terminated transaction and that neither party will pay any termination fee as a result of the decision to terminate the merger agreement.
In a joint statement, Brian K. Plum, president and CEO of Blue Ridge Bank, and David W. Pijor, chairman and CEO of FVCbank, said, “Our boards of directors mutually concluded after careful consideration that it would not be prudent to continue to pursue the proposed merger of our companies. The termination of the merger agreement positions both companies to focus on the consistent growth and value creation they have each delivered through the years.”
In November, the two banks revealed that the Office of the Comptroller of the Currency identified certain regulatory concerns with Blue Ridge Bank that could impact the application process and timing of the proposed merger.