VisionBank Founders Join Old Dominion National Bank to Make a True Community Banking Experience More Widely Available in Greater Washington
TYSONS CORNER, Va., August 6, 2019 — Founders of VisionBank (In Organization) have agreed to join Old Dominion National Bank to help bolster the bank’s mission to provide a true community banking experience to growing numbers of businesses and individuals throughout the Washington, D.C. metro area.
The boards of directors of both Old Dominion and VisionBank unanimously approved the agreement. Melinda H. McClure, VisionBank’s Chairman and CEO, will join Old Dominion as Executive Vice President and Chief Strategy Officer. Richard D. Horn, VisionBank’s Chief Operating Officer and General Counsel, is also joining Old Dominion as Executive Vice President and General Counsel of the established community bank.
“We are assembling an unparalleled team of business and civic leaders to bring true community banking to our customers,” Old Dominion Chairman and CEO Mark S. Merrill said. “We are thrilled to join forces with Mindi, Rick and other VisionBank founders, as our team of career community bankers continues to execute our growth strategy for our independent, locally owned and managed financial institution.”
Old Dominion opened its Tysons Corner full-service branch and executive headquarters in 2017 and has had its leadership team there for nearly three years. Since mid-2016, when Merrill was named CEO, the bank has organically grown its balance sheet by nearly six fold to more than $325 million in assets and more than $265 million in deposits. Old Dominion’s current leadership team has also raised nearly $69 million in equity capital, largely from accredited individual investors within the bank’s footprint. Today, the bank operates five full-service branches and invests in recruiting and retaining top talent, employing nearly 70 professionals, many of whom came to Old Dominion after their Washington area community and regional banks were acquired by much larger institutions.
“We organized VisionBank to fill a community banking void in the market created by a decade long consolidation wave, and are proud of the support this effort received from our founders, directors and leaders in the local business community,” McClure said. “By joining Mark and the Old Dominion team, we can fulfill our mission of building Washington’s Next Great Community Bank on a larger platform
with a fantastic team of seasoned bankers.”
Old Dominion expects that it will bring multiple VisionBank founders onto its Board and its regional advisory board to continue its effort to bring community leaders together to build a great community bank. McLean-based VisionBank (In Organization), which was formed in 2018 to become a Virginia-chartered commercial bank, has withdrawn its previously submitted applications to bank regulators. The terms on which VisionBank founders will join Old Dominion were not disclosed.