WashingtonFirst Acquires All Deposits and Loans of Sterling-Based Millennium Bank, National Assocation
RESTON, Va.–(BUSINESS WIRE)–WashingtonFirst Bank, a subsidiary of WashingtonFirst Bankshares, Inc. (Nasdaq: WFBI), announced today that it had entered into an agreement with the Federal Deposit Insurance Corporation (“FDIC”) to assume all of the deposits and certain assets of Millennium Bank, NA (“Millennium”), a federally chartered commercial bank headquartered in Sterling, Virginia. Millennium operates two branches – Sterling and Herndon. The branches do not have Saturday hours and will reopen Monday, March 3rd as branches of WashingtonFirst. With this acquisition WashingtonFirst will now operate 16 retail banking offices, including ten in Virginia, four in Maryland, and two in Washington, D.C.
All Millennium depositors will automatically become depositors of WashingtonFirst and deposits will continue to be insured by the FDIC. Depositors of Millennium will continue to have access to their accounts via checks, ATM and debit cards, as well as internet banking. Checks drawn on Millennium checks will continue to be processed. Loan customers should continue to make their payments as usual. Customers of both banks should continue to bank as they normally do at their existing branches.
“We are delighted to welcome Millennium customers to WashingtonFirst. Customers can be confident that their deposits are safe, secure and readily accessible,” said WashingtonFirst CEO Shaza Andersen. In the transaction, WashingtonFirst will be receiving approximately $122 million in deposits, $60 million in loans, $76 million in cash and marketable securities from Millennium. The FDIC will retain all other real estate owned (OREO) by Millennium. There will be no loss share agreement between the FDIC and WashingtonFirst.