First Virginia Community Bank to Acquire Small Startup

In what would be its first acquisition since its founding in 2007, fast-growing First Virginia Community Bank has agreed to buy 1st Commonwealth Bank of Virginia.

The deal, which is expected to close in the fourth quarter, would be an all-stock transaction valued at roughly $3.7 million, the Washington Business Journal reported Wednesday.

The $57 million-asset 1st Commonwealth, which was established in 2009, has one branch in Arlington. First Virginia Community has three branches in Fairfax, Manassas and Reston.

Since its initial capitalization in 2007, First Virginia in Fairfax has raised $13.2 million in two different offerings to support its growth.

At March 31, its assets totaled $275 million, up more than 14% from a year earlier.

1st Commonwealth posted a net operating loss of $199,000 for the year at March 31, according to the Federal Deposit Insurance Corp.