RESTON & FAIRFAX, Va.–(BUSINESS WIRE)–WashingtonFirst Bankshares, Inc. (Nasdaq: WFBI) and 1st Portfolio Holding Corporation announced today that they have entered into a definitive agreement for WashingtonFirst to acquire 1st Portfolio in a stock transaction expected to close early in the third quarter of 2015. The combination will significantly expand WashingtonFirst’s mortgage lending business as well as add an additional line of business – wealth management – to WashingtonFirst’s array of financial services.
“We are excited to welcome 1st Portfolio’s shareholders, customers and employees to WashingtonFirst,” said Shaza Andersen, founder and Chief Executive Officer of WashingtonFirst. “We have known Michael Rebibo, 1st Portfolio’s President and Chief Executive Officer, for many years. Michael is a former banker who shares our vision and understanding of what is required to be a successful community bank in the 21st century. 1st Portfolio’s mortgage lending and wealth advisory businesses serve their clients throughout the Washington DC metropolitan area, which overlays perfectly with our customer base. The knowledge and experience of 1st Portfolio’s personnel, together with our cultural similarities, make this combination very attractive for us.”
“By joining the WashingtonFirst team, we have strategically broadened our wealth management and mortgage lending offering to include comprehensive banking services,” said Rebibo. “Banking is a logical complement to our core services and we are thrilled to align ourselves with a leader in the metro DC area. As members of the WashingtonFirst family, we are excited to bring the conveniences of private banking to our high net worth clientele, while enhancing the lending options for our mortgage customers.”