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Cardinal Financial (CFNL) in Tysons Corner, Va., blamed a 14% drop in profits on acquisition-related expenses.
July 16 -
Cardinal Financial (CFNL) in Tysons Corner, Va., has merged its two banks.
March 11 -
Cardinal Financial (CFNL) of McLean, Va., has promoted William T. "Bill" Mundy, an executive at its banking unit, to senior vice president and executive managing director of wealth services.
August 14
Cardinal Financial in Tysons Corner, Va., has agreed to buy a Virginia branch from Virginia Heritage Bank.
Virginia Heritage
The branch is located in Gainseville, Va. The $3.2 billion-asset Cardinal will pay a $195,000 deposit premium to buy nearly $59 million in deposits at the branch.
Cardinal expects the acquisition to be completed in the fourth quarter, subject to regulatory approval and the completion of Virginia Heritage's sale to Eagle. Bernard Clineburg, Cardinal's chief executive, said in a press release on Tuesday that the acquisition will be immediately accretive to earnings.
"The Gainesville market is a double-digit deposit growth market with significant roof top growth," Clineburg said in the release. "Our Gainesville mortgage banking office has been highly successful and we feel this is a good time to bring banking services to that market as well."
