Virginia Commerce Bancorp said Monday that it was looking into a possible sale, one month after paying back Troubled Asset Relief Program funds to the Treasury Department.
The Arlington-based company said it has hired New York-based financial firm Sandler O’Neill + Partners to advise it during the process. The company said it would not discuss developments in the meantime. Bloomberg originally reported the news, citing an anonymous source, on Friday.
Virginia Commerce, which was founded in 1999, has assets of $3 billion. It has 28 branches, as well as a residential mortgage office and wealth management office.
In December, the bank announced that it had paid back the $71 million it borrowed from the Treasury as part of the Troubled Asset Relief Program.
“As we look forward, the strength of our capital keeps us well-positioned to meet both the financial needs of our clients and our expanding franchise,” Peter A. Converse, the bank’s chief executive, said at the time.