Under the terms of the transaction, Alliance shareholders will receive either 0.4435 shares of the WashingtonFirst’s common stock or cash of $5.30 for each share of Alliance common stock.
WashingtonFirst chief executive officer Shaza Andersen said the merger is an important step in expanding its presence in the Washington metropolitan area.
"With fifteen branches and over $1 billion in assets, we look forward to an exciting future as we enhance the banking experience for our clients and shareholders," Andersen added.
WashingtonFirst gets five new offices in Northern Virginia with the completion of the merger.
Alliance board of directors chairman Donald Fisher will be joining the board of WashingtonFirst, along with two other directors.
Commenting on the deal, Fisher noted, "Joining together the resources of our respective organizations results in a community banking organization which is very well positioned for growth and success in the future."
Headquartered in Virginia, WashingtonFirst Bankshares manages WashingtonFirst Bank, which provides commercial banking services through ten offices, of which four are located in Northern Virginia, three in Maryland and three in the District of Columbia.
