Virginia Commerce to Explore Possible Sale

Virginia Commerce Bancorp (VCBI) in Arlington is considering selling itself.

The $3 billion-asset company said Monday its board would review various alternatives to increase shareholder value, including a possible sale. "The company has not set a definitive timetable for completion of its evaluation and there can be no assurance that this process will lead to the pursuit, approval of any transaction or other strategic initiative," the company said in a press release Monday.

The company, which has 28 branches around Washington, earned $7.1 million in the third quarter. Last month, Virginia Commerce repaid $71.3 million that it owed the Treasury Department for funds it received in December 2008 from the Troubled Asset Relief Program.

Virginia Commerce has hired Sandler O'Neil and Partners to oversee the review.