Leadership Strength, Talented Workforce, Capital Position and Strategic Execution Help Old Dominion National Bank to Exit Formal Agreement
TYSONS CORNER, Va., August 16, 2018 — Old Dominion National Bank was released from its June 2010 formal agreement with the Office of the Comptroller of the Currency (OCC) on July 26, 2018, as recently announced by the OCC. The formal agreement with the OCC required that the Bank be restored to a safe and sound condition by improving and adhering to sound strategic planning, capital, and credit administration practices.
“We believe the strength of our board, management team and workforce, sound capital and strategic plans, and consistent execution were keys to returning to normalized bank regulatory supervision,” said President and Chief Executive Officer Mark S. Merrill, who started in his role in mid-2016. “Since we began assembling the current leadership team in late-2016, we have worked to be as transparent and responsive as possible with the OCC, and we are very appreciative of our examiners’ time, attention and recognition of our efforts over the last two years to fulfill all of the bank’s obligations under the agreement.”
In mid-2016, Old Dominion began strengthening its board and management team with community and regional banking and business leaders with extensive experience in the Washington metropolitan and Central Pennsylvania areas. The new management team was tasked with continuing to strengthen its workforce, infrastructure and capital, fulfill the bank’s obligations under its formal agreement with the OCC, and position Old Dominion for long term success and profitability.
To date, the bank has already grown total assets to more than $220 million, up 95% from $114 million in mid-2017 and a nearly four-fold increase from $56 million in mid-2016. The balance sheet growth has been supported by nearly $69 million in new equity funding raised in less than 18 months.
Returning to normalized bank regulatory status will enable Old Dominion to prudently expand its product offerings for consumers and businesses in a growing number of communities. The bank intends to accelerate the disciplined execution of its growth strategy and introduce greater numbers of customers to its bankers, high-touch service, and state-of-the-art technology.
“We are grateful for the trust placed in us by our customers and shareholders and proud of this achievement by our directors, officers and employees,” said Chairman Wesley Yuan. “We’re also excited about what we believe will be a very bright future for Old Dominion, our people and the communities we serve.”
About Old Dominion National Bank
Old Dominion is an independent, locally-owned and managed community bank with executive headquarters in Tysons Corner, Va., with more than $220 million in assets. Old Dominion’s Tysons Corner full-service branch serves a growing number of customers across the Washington metropolitan area, and the bank’s three full-service locations in the Charlottesville area serve Albemarle County and Central Virginia. Old Dominion recently opened a loan production office in State College, Pa., serving the Central Pennsylvania area. Old Dominion offers a full range of commercial and consumer financial services in the communities it serves. Please visit the bank online at ODNBonline.com.
Certain statements in this press release, including statements regarding the anticipated development and expansion of the bank’s business, and the intent, belief or current expectations of the bank, its directors or its officers, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the forward-looking statements. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. The Bank undertakes no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.