| Virginia Commerce Bancorp Inc. |
5350 Lee Hwy.
Arlington, Va. 22207
Year founded: 1988
Net Income/Loss: $11.55 Million
Earnings per share: $1.36
Stockholder equity: $55.09 Million
Auditor: Yount, Hyde & Barbour PC
Assets: $881.12 Million
Market capitalization: $235.99 Million
52-week high: 34.25 12/1/2003
52-week low: 17.5 4/14/2003
President and CEO: Peter A. Converse
CFO: William K. Beauchesne
Local employees: 173
Description: Virginia Commerce has 13 branches in Northern Virginia offering traditional lending, deposit and trust services.
Developments: Virginia Commerce is one of a half-dozen Washington area banks that have pursued a nuts-and-bolts community banking strategy to build market share even as larger, out-of-state banks continue to try and muscle in on the local turf. Founded in Arlington in 1988, the bank has more than doubled in size in the past four years. Net income has grown more than 40 percent a year for each of the past five years. Virginia Commerce, as its name denotes, is a business bank. It concentrates on the small businesses, government contractors, trade associations and commercial real estate developers that form the core of Northern Virginia's business community. The company, like many of its peers, is striving for what appears to be a golden number for community banks: $1 billion in assets, which would make the acquisitive out-of-state banks such as BB&T and Wachovia sit up and take notice. Two of its biggest Northern Virginia competitors, First Virginia Banks and Southern Financial, were or are in the process of being acquired. Ownership of the bank is concentrated on the board of directors and among senior management, which together control more than 38 percent of the stock.
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