RESTON, Va.–(BUSINESS WIRE)–WashingtonFirst Bankshares, Inc. (Nasdaq: WFBI), (“WashingtonFirst”), parent of WashingtonFirst Bank, today announced the completion of its previously reported acquisition of 1st Portfolio Holding Corporation (“1st Portfolio”).
The combination significantly expands WashingtonFirst’s mortgage lending business and adds an additional line of business – wealth management – to WashingtonFirst’s array of financial services. Shaza Andersen, founder and Chief Executive Officer of WashingtonFirst, commented, “We have been working closely with the 1st Portfolio team over the past few months and I am very excited about merging our two groups together.”
Michael Rebibo, 1st Portfolio’s President and Chief Executive Officer, commented, “Our clients are very familiar with WashingtonFirst Bankshares, Inc., and they were pleased to learn that we would be joining such a fine company. This is a very good opportunity for everyone involved.”