FIG Partners Advised Delmar Bancorp In $55.1 Million Merger With Virginia Partners Bank

FIG Has Now Completed 115 M&A Transactions Totaling More Than
$7.1 Billion In Transaction Volume

ATLANTA, December 13, 2018 — Delmar Bancorp (OTCQX:DBCP) and Virginia Partners Bank, Fredericksburg, Virginia (OTCQX:PTRS) have announced a definitive merger agreement.

FIG Advised Delmar Bancorp In $55.1 Million Merger With Virginia Partners BankVirginia Partners Bank (Partners) will become a separate, wholly owned subsidiary of Delmar Bancorp (Delmar), the parent company of The Bank of Delmarva, Seaford, Delaware. The merger will be executed through an exchange of shares, in an all stock transaction.

Under terms of the agreement, each share of Partners common stock will be exchanged for 1.7179 shares of Delmar common stock. Options and warrants to acquire Partners common stock will be assumed by Delmar and converted into options and warrants to acquire shares of Delmar common stock.

Based on the closing price of Delmar common stock on December 12, 2018 of $7.80 per share, the transaction would have a value of $13.40 per share of Partners common stock, and an aggregate value of approximately $55.1 million.

Each bank will continue to operate as independent subsidiaries of Delmar. The banks will maintain their existing names, executive management teams, and boards of directors.

At September 30, 2018, Partners had approximately $420.1 million in assets, $325.1 million in loans and $344.5 million in deposits. The combined company would have, on a pro forma basis at September 30, 2018, approximately $1.2 billion of assets, $947.7 in loans and $966.6 million in deposits.

John W. Breda, President and CEO of Delmar said, “We are extremely excited about the proposed transaction with Partners and the transformative opportunities the combination creates for us. Partners has a strong brand, management and board, excellent asset quality, and an attractive market area. We believe the multibank holding company structure in which Partners will join Delmarva as separate subsidiaries of Delmar will enhance the business and efficiency opportunities for both banks, and provides a structure for future expansion, organically or by opportunistic acquisitions of institutions in attractive markets, and the opportunity for enhanced shareholder value for the combined institution. I am very proud and eager to lead Delmar into a new market and new opportunities.”

The FIG team included Sloan Deerin, Principal, and Brian Flaherty, Associate.

More information is available here.

Since 2003, FIG has been the trusted advisor to community banks and investors. To learn more about FIG’s investment banking services, visit www.figpartners.com.

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