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FAIRFAX, Va. - FVCbank (NASDAQ: FVCB), a commercial bank operating in the Washington, D.C. metropolitan area with a market capitalization of $212 million, has announced the promotion of two executive team members. Jennifer Deacon and Michael G. Nassy, previously holding the positions of Executive Vice President and Chief Financial Officer, and Executive Vice President and Chief Credit Officer respectively, have been promoted to Senior Executive Vice President roles.
Deacon has played a significant role in managing the bank’s finance and accounting operations, including treasury management and financial reporting. Her efforts have contributed to the bank’s financial stability and operational efficiency improvements, reflected in the bank’s impressive 34.5% revenue growth. Nassy’s leadership in credit and risk management has been crucial in maintaining sound lending practices and supporting the bank’s growth while managing risks effectively. According to InvestingPro data, the bank has maintained profitability over the last twelve months with a P/E ratio of 11.1.
Patricia A. Ferrick, President of FVCbank, expressed enthusiasm for the promotions, citing the pair’s leadership, expertise, and commitment as key factors in the bank’s strategic achievements and customer service excellence. Ferrick emphasized that these promotions are a testament to the bank’s dedication to talent development within the organization.
In their new positions, Deacon and Nassy will continue to influence the bank’s strategic direction and growth efforts, reinforcing FVCbank’s role as a reliable financial partner in the region.
FVCbank, a Virginia-chartered community bank, caters to commercial businesses, nonprofit organizations, and professional services firms in the Baltimore/Washington, D.C. area. Known for its personalized service and innovative banking solutions, the bank strives to provide financial stability to its clients. Currently trading at $11.58, InvestingPro analysis suggests the stock is slightly undervalued. FVCbank is publicly traded on the NASDAQ Capital Market with the ticker symbol FVCB. For detailed financial analysis and additional insights, investors can access more than 30 key metrics and exclusive ProTips through InvestingPro.
The information for this article is based on a press release statement from FVCbank.
In other recent news, FVCBankcorp, Inc. has announced the extension of its share repurchase program. This program, initially launched in 2020, now allows for the repurchase of up to 1,300,000 shares, approximately 7% of the company’s outstanding common stock as of December 31, 2024. The repurchase initiative is set to expire on March 31, 2026, though the board may conclude it earlier if deemed necessary. The company’s management will decide on the repurchase strategy, which could include open market purchases, block trades, or privately negotiated transactions, depending on market conditions. The shares repurchased will be canceled and returned to the status of authorized but unissued shares. The timeline and volume of repurchases are influenced by market conditions, repurchasing costs, and the company’s liquidity and capital needs. The extension is based on forward-looking statements and subject to various uncertainties and assumptions.
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