Alliance Bankshares Corporation (ABVA) is set to merge with WashingtonFirst Bankshares, following the receipt of regulatory approvals from the Board of Governors of Federal Reserve System, Federal Deposit Insurance Corporation and Virginia State Corporation Commission.
Transaction is still subject to satisfaction of certain closing conditions, including, but not limited to, approval of the shareholders of each of the parties involved and consummation of WashingtonFirst’s capital raising transaction.
Following completion of the deal, expected in December 2012, a form letter of transmittal will be sent for the surrender of Alliance’s stock certificates in exchange for the merger consideration.
Having started operations in 2004, WashingtonFirst Bankshares through its subsidiary conducts a full service commercial banking operation through ten offices, with four located in Northern Virginia, three in Maryland and three in the District of Columbia.
Headquartered in Chantilly, Virginia, Alliance focuses on catering to the needs of individuals, small and medium size businesses and professional concerns in the greater Washington, D.C. metropolitan area through six offices located in Northern Virginia.