FVCBankcorp has signed a definitive merger agreement to acquire Colombo Bank in a cash and stock deal valued at nearly $33.3m.

The transaction was unanimously approved by the boards of directors of both the entities.

Following the closing, Colombo will merge into FVCbank and will operate as its fully owned subsidiary.

Headquartered in Rockville of Maryland, Colombo has five full-service locations in Bethesda, Rockville, Silver Spring and Baltimore, Maryland and Washington, D.C.

It is said to have assets of nearly $195m, loans of $154m and deposits $145m as of 31 March, 2018.

Colombo chairman Morton Bender said: “We are excited about the proposed merger and look forward to working with David Pijor and his team at FVCbank. Both banks share a similar culture of providing outstanding service and are committed to our community banking model.

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“Colombo has been in existence since 1914 and we are proud of our long-standing ties in the communities we serve. This merger will increase our lending capabilities and drive significant cost efficiencies.”

He will also join FVCbank’s board of directors and work to expand the combined entity’s reach and footprint.

FVCB chairman and CEO David Pijor said: “”We plan to work very closely with the Colombo team to provide a seamless transition, and make Colombo customers feel that nothing has changed, except our capacity to serve them.

“I am very proud and eager to lead the combined entity into a new market and new opportunities.”

Subject to Colombo’s shareholders approval and other customary regulatory approvals and closing conditions, the transaction is expected to be completed early in the fourth quarter of this year.