A Leesburg, Va., start-up bank that has fallen short of its capital-raising goals is selling its assets to Southern National Bancorp of Virginia Inc. in Charlottesville.
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The organizers of Founders Bank and Trust announced plans for the new bank in mid-2006 and said at the time that they planned to raise $60 million. In September of this year they reduced the capital target to a range of $25 million to $35 million and by mid-November appeared to have reached the minimum goal.
Founders announced late Wednesday it would return capital to investors, sell its assets, and turn over its planned Leesburg branch to the $345 million-asset Southern National.
