Southern National Bancorp of Virginia Inc. said Monday that it has moved its bank subsidiary's headquarters from Charlottesville to McLean and switched from a national to a state charter.
The $444 million-asset subsidiary, Sonabank, will be regulated by the Virginia State Corporation Commission and the Federal Reserve Board, instead of the Office of the Comptroller of Currency. The switch should save the company more than $35,000 a year of regulatory fees.
Southern National said it moved the bank's headquarters because six of its eight branches are now in northern Virginia. Since its founding in 2003, Southern National has acquired two branches in Leesburg and built one in Warrenton. In 2006 it acquired 1st Service Bank in McLean, which had three branches.