News

TYSONS CORNER, Va., July 31, 2023 - We are pleased to report strong second quarter 2023 financial results. The quarter was highlighted by a record level of assets, loans and deposits, while bolstered by our successful common equity capital raise of $28.1 million. Net income for the second quarter of 2023 was $1.2 million, an increase of 11.1% from $1.1 million in the prior quarter.

We delivered our fourteenth consecutive quarter of profitability for the quarter ended June 30, 2023, as a result of the continued investments in our people, products and technology, further validating our high-touch and personalized approach to client service. We continue to grow deposit market share to deliver long-term franchise value to our shareholders. ODNB Financial Corporation (the “Company” or “ODNB”), the holding company for Old Dominion National Bank (the “Bank”) continues to serve its growing number of customers across Northern Virginia and the Washington, D.C. metro area, Central Virginia and the Charlottesville area, and Pennsylvania through its Centre 1st Bank division.

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TYSONS CORNER, Va., July 19, 2023—ODNB Financial Corporation (the “Company”), the financial holding company of Old Dominion National Bank (“ODNB”) and Centre 1^st Bank, a division of ODNB, today announced an investment in Frost & Conn, LLC (“Frost & Conn”), a full-service, independent insurance agency based in State College, PA. Frost & Conn offers all lines of personal, business and life insurance to clients across central and southern Pennsylvania and New Jersey.

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TYSONS CORNER, Va., June 26, 2023—ODNB Financial Corporation (“the Company”) announced it recently completed a private placement of $28.1 million of shares of the Company’s common stock to 160 accredited individual investors at a price of $11.00 per share. The Company expects to use the proceeds from the capital raise for organic balance sheet growth, strategic opportunities, lending and investment activities, and for general corporate purposes. Investors in the recent offering were primarily from the Washington, D.C. metro area, where the Company’s executive offices are located, and also included individuals from Pennsylvania and New Jersey, where the Company’s wholly-owned subsidiary Old Dominion National Bank (the “Bank”) operates its Centre1st Bank division.

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Washington Business Journal Article -  Friday, June 23, 2023 - Old Dominion National Bank in Tysons has raised $28.1 million in equity to fuel its expansion and boost its legal lending limit as it looks to double or even triple its asset size in the coming years. The raise comes on the heels of Old Dominion surpassing $1 billion in assets in the first quarter of this year and is intended to help it grow organically to get to the next benchmark — $2 or $3 billion in total assets — said CEO and Chairman Mark Merrill. This brings its total common equity funding raised to $119.2 million since 2016.

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TYSONS CORNER, Va., May 04, 2023 - Our first quarter 2023 results are a strong start in what has been a challenging quarter for the banking industry. Since December 31, 2022, we have further bolstered a balance sheet that displays a strong level of capital and ample liquidity. Our total assets, loans and deposits all increased by approximately 5%, a 20% annualized rate, during the quarter. We delivered our thirteenth consecutive quarter of profitability for the quarter ended March 31, 2023, further validating that our high-touch and personalized approach to client service is working to deliver long-term franchise value for our shareholders.

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Dear Valued Customer,

I am reaching out to you today in light of the recent events pertaining to the banking industry and the continued media cycle around ongoing news. I want to assure you that our bank remains safe and sound.

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TYSONS CORNER, Va., February 03, 2023 - Our fourth quarter and full year 2022 results were a strong end to what was a record year on several measures, surpassing $1.0 billion in total assets at December 31, 2022. We have been growing our Bank at a robust rate, and 2022 was the most profitable year in our Company’s history delivering net income of $7.4 million, supported by our continued high growth and strong financial performance.

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TYSONS CORNER, Va., Jan 20, 2023—Old Dominion National Bank (“ODNB”) today announced the promotion of Jennifer H. Kim to Executive Vice President, Chief Financial Officer, effective immediately.

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TYSONS CORNER, Va., November 04, 2022 - Reflecting our continued solid growth and strong financial performance, ODNB Financial Corporation (the “Company” or “ODNB”), the holding company for Old Dominion National Bank (the “Bank”) ended the first nine months of 2022 marking our highest net income for any consecutive nine-month period at $6.1 million, and total assets reached a record level of $971.3 million at September 30, 2022.

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TYSONS CORNER, Va., Oct 20, 2022— Old Dominion National Bank (ODNB) is proud to announce that our Bank has been named among the Washington Business Journal's Fastest Growing Companies in Greater D.C. for 2022, placing 41st among the 50 companies named. We are extremely thankful for all the hard work of our team, and the partnership of all our customers.

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