Fairfax-based bank aims to raise more than $30M through IPO

Fairfax-based FVCBankcorp Inc. has priced its initial public offering at $20 per share as it begins trading Friday on the Nasdaq Capital Market.

The bank expects to gross $35 million through its IPO, which, after deducting expenses and an underwriting discount, will net about $31.9 million.

The shares will trade under the symbol FVCB. The Nasdaq Capital Market, formerly the Nasdaq SmallCap Market, focuses on early-stage companies with lower market cap that are not ready to take on the listing requirements of the major exchanges.

Sandler O’Neill & Partners LP and Raymond James & Associates Inc. are running the IPO for FVCBankcorp.

FVC, a wholly owned subsidiary of FVCB, is a $1.1 billion Virginia-chartered community bank. It has six full-service offices in Fairfax, Arlington, Ashburn, Manassas, Reston and Springfield.

FVCBank received regulatory approval last month for its acquisition of Rockville-based Colombo Bank for $33.3 million in cash and stock. As a condition of the deal,…

Read the full story from the Washington Business Journal.