Washington Business Journal (July 2, 2019) - Andy Medici, Staff Reporter
Tysons-based Old Dominion National Bank might not have begun as one of the true "de novo" banks popping up in Greater Washington recently, but CEO Mark Merrill
is keen to point out the bank also started from basically scratch just a couple years ago - and is now on track to be profitable by the end of the year.
"We didn't get the charter but we did the next best thing" Merrill said in an interview. He noted when he took over in the middle of 2016, the bank had just $56 million in assets
and limited cash. He ended up raising funding and making a bet on the Northern Virginia market, essentially starting fresh. "Nobody was raising money for a community
bank in 2016 in this market. Nobody was doing it, and it hadn't been done in about 10 years."