After more than a year and half on the market, Chantilly’s Alliance Bank has been purchased by Reston-based WashingtonFirst Bank for $24.4 million in a deal that was finalized Dec. 21.
The purchase nearly doubles WashingtonFirst’s assets from $596 million to $1.1 billion, and adds five Northern Virginia locations to the bank’s current line-up of 10 branches.
Alliance Bank’s “footprint fit almost perfectly with our plans to grow in Northern Virginia,” said Richard Horn, general counsel for WashingtonFirst Bank.
The two banks had been in talks for about a year, Horn said. Three Alliance Bank directors, including Chairman Donald Fischer, will join the board of WashingtonFirst.
Alliance Bank shareholders can choose to receive either 0.44 share of WashingtonFirst common stock or $5.30 in cash for each share they own.