WashingtonFirst Bank has been given the go-ahead to acquire First Liberty National Bank. The acquisition will add four branches to WashingtonFirst, which already operates offices in the District and Northern Virginia.
The acquisition “was a good fit for us,” said George Connors, president of WashingtonFirst. “They were in a part of D.C. that we weren’t and they also had a presence in Maryland so it helps us get our foot in the door there. It gives us a nice round footprint in the Metro area.”
WashingtonFirst has six months to complete the acquisition, but customers can expect the change during the next month, Connors said.
WashingtonFirst, which has about $127 million in assets, was founded in 2004.
The bank planned on adding at least one new branch each year, according to Connors, and the First Liberty acquisition was in line with the bank’s expansion plans.
First Liberty, which has about $80 million in assets, has a branch on 19th Street in Northwest D.C. and branches in Hyattsville, Greenbelt and Oxon Hill.
The District of Columbia Department of Insurance, Securities and Banking approved the acquisition earlier this month.
“This acquisition would enhance WashingtonFirst’s ability to provide better deposit and lending services to the residents and businesses of the District of Columbia and the surrounding area,” DISB Commissioner Thomas E. Hampton said in a statement. “This is an exciting prospect for the city.”
WashingtonFirst employs 34 and will add 20 additional employees with the acquisition. The bank, which primarily serves small businesses and nonprofits, has about 1,000 customers.
