ODNB Financial in Tysons Corner, Va., has agreed to buy National Capital Bancorp in Washington, D.C.
The $1.6 billion-asset ODNB said in a press release that it will pay a blend of cash and stock for the $735.3 million-asset parent of National Capital Bank of Washington. The deal is expected to close in the fourth quarter.
The company will be known as National Capital Bancorp, and National Capital Bank will be the surviving bank.
Randy Anderson Jr., National Capital’s chairman and CEO, will serve a non-executive chairman. Mark Merrill, ODNB’s chairman and CEO, will remain CEO. Ten of the 17 directors will come from ODNB.
The acquisition “creates a strong and promising future for our organization, our customers, and our shareholders,” Merrill said in the release. “NACB brings one of the strongest deposit bases in the Washington … which complements ODNB’s best-in-class growth rate.”
Piper Sandler and Williams Mullen advised National Capital. D.A. Davidson and Troutman Pepper Locke advised ODNB.