Blue Ridge Bankshares Inc., the parent company of Blue Ridge Bank NA, and FVCBankcorp Inc. jointly announced Friday a mutual agreement to terminate their merger agreement, previously announced on July 14, pursuant to which the companies had agreed to combine in an all-stock merger of equals transaction.
FVCbank, based in Fairfax, Virginia, has full-service offices in Baltimore, Bethesda and Rockville. FVCBankcorp Inc. is the parent company of FVCbank.
The termination was approved by both companies’ boards of directors after consideration of the proposed transaction, the progress made toward completing the merger and the companies’ ability to fully realize the benefits they expected to achieve through the merger.
The parties have agreed that each company will bear its own costs and expenses in connection with the terminated transaction, and that neither party will pay any termination fee as a result of the mutual decision to terminate the merger agreement.