WashingtonFirst Bank of Reston has closed a $24.4 million deal to buy Alliance Bank.
The sale has been in the works for several months, but the deal became final on Dec. 21, according to a Washington Post report.
Three Alliance Bank directors have joined the board of WashingtonFirst Bank while Alliance shareholders have the option to receive 0.44 share of WashingtonFirst’s common stock or $5.30 cash for each share they already own, according to the Washington Post report.
The purchase adds five banking locations to WashingtonFirst's Northern Virginia branches and increases the banks total assets to more than a billion dollars.
The Alliance deal will be the fourth and largest acquisition for WashingtonFirst, which was founded in 2004.
Alliance had six locations in Northern Virginia. WashingtonFirst has four locations in Northern Virginia, three in D.C. and three in suburban Maryland.