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W.Va. bank buying Virginia Commerce

February 1, 2013 12:10 am

BY BILL FREEHLING
BY BILL FREEHLING

West Virginia-based United Bankshares Inc. will acquire Virginia Commerce Bancorp Inc., an Arlington County-based banking company that has two branches in the Fredericksburg area.

The merger will allow United Bankshares to "significantly enhance its existing footprint" in the Washington area, according to Wednesday's announcement. The deal is expected to close in the third quarter, pending approvals from regulators and the two companies' shareholders.

Virginia Commerce has $2.8 billion in assets and 28 banking offices, one residential mortgage origination office and one wealth management office. Its local branches are in Central Park in Fredericksburg and on Courthouse Road in Spotsylvania County.

Virginia Commerce Bank held about $65.7 million in customer deposits in the Fredericksburg area as of June 30, 2012, giving it about a 1.9 percent local market share. That made it the 10th-largest bank in the region, according to FDIC data.

The acquisition isn't expected to have any effect on the bank's local operation, said Kevin Fastabend, a senior vice president for Virginia Commerce Bank who oversees its Fredericksburg-area market. He said the two banks favor the same business lines, so he expects the deal to work out well.

Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com





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