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For Immediate Release — March 23, 2015
FAIRFAX, Va. — FVCbank (OTCBB: FRCV) announced today that its Board of Directors approved a five-for-four split of the company’s common stock in the form of a 25 percent stock dividend in respect to the issued and outstanding shares.
“FVCbank continues to demonstrate solid financial performance due in large part to an effective partnership with our shareholders,” stated David Pijor, Chairman, President and Chief Executive Officer of FVCbank. “The Board’s decision to split the stock reflects confidence in our business model and strength in our strategy in continuing to deliver solid results with a focus on generating significant value for shareholders.”
The increase in the number of issued and outstanding shares through the stock split is intended to stimulate the development of a more active public market in the common stock; maintain the relative affordability of an investment in the Bank’s common stock for small investors; as well as increase overall shareholder value.
Each shareholder of record, as of 5:00 p.m. EST (Eastern Standard Time) on April 5, 2015 (the “Record Date”), shall receive an additional one-quarter (.25) per share of common stock held. The distribution or payment date for the new shares will be completed to shareholders on or about April 30, 2015. FVCbank had approximately 5.19 million shares of common stock outstanding as of December 31, 2014. The stock split will increase the common shares outstanding to approximately 6.49 million.
FVCbank recently reported the Bank’s strongest financial performance in its seven-year history, ending 2014 with record earnings and loan growth, including a net income increase to $4.1 million, a $1.9 million increase, or 85.5% compared with $2.2 million in 2013. To continue on this trend of record financial growth and performance, FVCbank affirms its commitment to providing shareholder-centered opportunities, such as this increased common stock split.
Caution About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to statements about FVCbank’s plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of FVCbank’s operations and policies and regarding general economic conditions. These forward-looking statements are based on current beliefs that involve significant risks, uncertainties and assumptions. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements.
