Cardinal Financial in Tysons Corner, Va., has agreed to buy a Virginia branch from Virginia Heritage Bank.
Virginia Heritage agreed in June to sell itself to the $3.8 billion-asset Eagle Bancorp in Bethesda, Md., for about $183 million in cash and stock.
The branch is located in Gainseville, Va. The $3.2 billion-asset Cardinal will pay a $195,000 deposit premium to buy nearly $59 million in deposits at the branch.
Cardinal expects the acquisition to be completed in the fourth quarter, subject to regulatory approval and the completion of Virginia Heritage's sale to Eagle. Bernard Clineburg, Cardinal's chief executive, said in a press release on Tuesday that the acquisition will be immediately accretive to earnings.
"The Gainesville market is a double-digit deposit growth market with significant roof top growth," Clineburg said in the release. "Our Gainesville mortgage banking office has been highly successful and we feel this is a good time to bring banking services to that market as well."