WashingtonFirst Bank has a deal to buy a hometown competitor, First Liberty Bancorp.
Processing Content
The deal, announced Friday, is expected to close in the fourth quarter. The companies did not disclose a price.
The two-year-old WashingtonFirst has $110 million of assets and four branches in Washington and northern Virginia. First Liberty, founded in 1988, has $92 million of assets, one branch in Washington, and three in the Maryland suburbs.
First Liberty has had financial troubles in recent years. Its last profitable year was 2002. Last year it lost nearly $1 million, compared with a loss of $327,000 in 2004.
