TYSONS CORNER, Va., July 5, 2022— ODNB Financial Corporation (the “Company”) and Old Dominion National Bank (the “Bank”) announced that effective July 1, 2022, the Company and the Bank consummated the statutory merger pursuant to which the Company has become the parent bank holding company of the Bank (such transaction, the “reorganization”).
The Bank’s Board, shareholders and regulators recently approved the corporate reorganization creating the new holding company. Pursuant to the terms of the reorganization, shareholders of the Bank will own equivalent shares of the Company, which will have the same Board of Directors and top officers as the Bank. There will be no changes to the Bank’s workforce, products, services or client accounts as a result of the reorganization, and the Bank will continue to serve Greater Washington, Northern Virginia, Central Pennsylvania and the Charlottesville area from its existing office locations in those markets.
“We are very pleased to have completed the formation of ODNB Financial Corporation, which is the next natural step in the evolution of our company and is designed to provide additional flexibility for allowing us to access the capital markets in the future,” said Mark Merrill, Chairman and Chief Executive Officer of the Bank and the Company. “Thanks to the incredible support of our community bank’s local shareholders and clients since mid-2016, and the hard work and dedication of our entire team, we have achieved tremendous success over the last six years and are very well positioned to continue executing our organic growth strategy while leveraging the benefits of our new bank holding company structure.”
Bank President and Director Jack Infield, Chief Accounting Officer Jennifer Kim and Executive Vice President and General Counsel Richard Horn will hold the same titles with the Company, while the entire executive leadership team remains in place at the Bank. The executive headquarters for the Bank and the Company will remain in Tysons Corner, VA.