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FVC Bank cancels planned merger with Charlottesville bank

·3 min read
FVC Bank cancels planned merger with Charlottesville bank
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Fairfax’s FVC Bank (NASDAQ: FVCB) and Charlottesville, Virginia’s Blue Ridge Bank (NYSE: BRBS) have canceled the deal to merge they entered into in 2021. The cancellation was the result of “a mutual agreement” after the boards of both banks considered “the progress made towards completing the merger, and the companies’ ability to fully realize the benefits they expected to achieve through the merger,” according to a joint press release. The banks “mutually concluded after careful consideration that it would not be prudent” to go through with the merger, FVCB Chairman and CEO David Pijor and Blue Ridge President and CEO Brian Plum said in a joint statement.