Virginia bank's IPO would fund M&A deal

FVCBankcorp in Fairfax, Va., is looking to raise up to roughly $35 million through an initial public offering.

The $1.1 billion-asset company plans to some of the capital to pay for the roughly $18.3 million cash portion of its planned acquisition of Colombo Bank. The $33.3 million deal was announced in May and is expected to close in the fourth quarter.

The funds also will be used to pay for other expenses connected to the Colombo deal and strengthen FVC’s capital to support growth and meet regulatory requirements.

The number of shares to be offered and pricing have not been determined.

Several other banks have gone public this year, including Spirit of Texas Bancshares in Houston, Coastal Financial in Everett, Wash., and First Western Financial in Denver.

Sandler O’Neill and Raymond James & Associates are acting as the joint book-running managers in the proposed offering.

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