| Southern Financial Bancorp Inc. |
37 E. Main St.
Warrenton, Va. 20186
Year founded: 1986
Net Income/Loss: $13.18 Million
Earnings per share: $2.10
Stockholder equity: $92.86 Million
Auditor: KPMG LLP
Assets: $1.09 Billion
Market capitalization: $325.68 Million
52-week high: 48 11/3/2003
52-week low: 27.2727 6/30/2003
Chairman and CEO: Georgia S. Derrico
President and COO: R. Roderick Porter
Local employees: 194
Description: Southern Financial is a commercial bank holding company that began in western Fairfax County 18 years ago. It has grown to more than 30 offices from Winchester to Richmond.
Developments: Southern has been one of the fastest-growing banks in Virginia in recent years. Its core outer-suburban Northern Virginia market has been one of the best banking markets in the country, as evidenced by the out-of-state banks that have bought many of Southern's competitors. Southern has grown mostly by plying basic community banking services—small-business loans, mortgage banking and consumer loans. Four acquisitions since 1999 have also bulked up its balance sheet and spread its branch network west and south. With its recent acquisition of Essex Bancorp, Southern has more than $1.5 billion in assets. In 2000, it had just $609 million. After several years of rebuffing suitors, chief executive Georgia S. Derrico and her husband, bank president R. Roderick Porter, were made an offer they couldn't refuse in November. Provident Bankshares agreed to pay $330 million in cash and stock for Southern as part of Provident's strategy to build a retail banking network from Northern Virginia to its Baltimore base. Derrico and Porter are the largest shareholders, owning about 6 percent of the stock. That merger is expected to close May 1.
© 2004 The Washington Post Company