M&A Deal Summary

Primis Financial Acquires Eastern Virginia Bankshares

On July 23, 2017, Primis Financial acquired financial services company Eastern Virginia Bankshares from Castle Creek Capital and GCP Capital Partners

Acquisition Highlights
  • This is Primis Financial’s 1st transaction in the Financial Services sector.
  • This is Primis Financial’s 1st transaction in the United States.
  • This is Primis Financial’s 1st transaction in Virginia.

M&A Deal Summary
Date 2017-07-23
Target Eastern Virginia Bankshares
Sector Financial Services
Buyer(s) Primis Financial
Sellers(s) Castle Creek Capital
GCP Capital Partners
Deal Type Merger
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Troutman Pepper Hamilton Sanders (Legal)

Target

Eastern Virginia Bankshares

Tappahannock, Virginia, United States
Eastern Virginia Bankshares, Inc. own and operates twenty-three full-service branches in eastern Virginia. Eastern Virginia Bankshares was founded in 1910 and is based in Tappahannock, Virginia.

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Buyer(S) 1

Buyer

Primis Financial

McLean, Virginia, United States
Category Company
Founded 2004
Sector Financial Services
Employees382
Revenue 126M USD (2022)
DESCRIPTION

Primis Financial is a provider of commercial banking services, making loans secured primarily by commercial real estate and other types of commercial loans to small and medium-sized businesses, as well as loans to individuals for a variety of purposes. Primis Financial was founded in 2004 is based in McLean, Virginia.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Merger) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1

Seller(S) 2

SELLER

Castle Creek Capital

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 750M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Castle Creek Capital is a private investment firm that makes control investments in U.S.-based community banks with less than $10 billion of assets. The firm specializes in operating, recapitalizing and strategically refocusing US based banks. Castle Creek targets smaller, healthier banks that are under-performing or lack critical mass. Castle Creek offers the resources to then implement a roll-up acquisition program. Castle Creek Capital LLC was founded in 1992 and is based in Rancho Santa Fe, California.

DEAL STATS #
Overall 11 of 15
Sector (Financial Services) 11 of 15
Type (Merger) 5 of 5
State (Virginia) 1 of 2
Country (United States) 11 of 15
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-13 Heritage Oaks Bancorp.

Paso Robles, California, United States

Heritage Oaks Bancorp. is a holding company for Heritage Oaks Bank which provides personal and business banking solutions. With $2.0 billion in assets, Heritage Oaks Bancorp is headquartered in Paso Robles, California and is the holding company for Heritage Oaks Bank. Heritage Oaks Bank operates two branch offices each in Paso Robles and San Luis Obispo; single branch offices in Atascadero, Templeton, Cambria, Morro Bay, Arroyo Grande, Santa Maria, Goleta and Santa Barbara; as well as a single loan production office in Ventura/Oxnard. Heritage Oaks Bank conducts commercial banking business in San Luis Obispo, Santa Barbara, and Ventura counties.

Sell $406M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-22 WashingtonFirst Bankshares

Reston, Virginia, United States

WashingtonFirst Bankshares, Inc. is a holding company for WashingtonFirst Bank which focuses on providing quality, tailored services to its customers, conducts a full service commercial banking operation through 15 offices, with nine located in Northern Virginia, three in Maryland and three in the District of Columbia.

Sell -
SELLER

GCP Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Merchant Bank
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GCP Capital Partners consists of GCP US, GCP Europe, and GCP Venture. GCP US targets North American acquisitions. The unit looks to invest $10 to $50 million in businesses valued up to $500 million. GCP Europe targets businesses in the UK and Europe. The European team looks to invest up to £40 million in companies valued up to £100 million. Sectors of interest include business services, education, energy, financial services, insurance and telecommunications.

DEAL STATS #
Overall 22 of 24
Sector (Financial Services) 5 of 7
Type (Merger) 2 of 2
State (Virginia) 1 of 1
Country (United States) 20 of 22
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-17 Transfast

New York, New York, United States

Transfast is a provider of cross-border payments solutions to consumers and businesses around the world. The Company operates a multi-product, best-in-class payments network capable of processing payments across 120 countries and offering more than 1,000 currency pairs. Transfast was founded in 1988 and is based in New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-15 First Mariner Bank

Baltimore, Maryland, United States

First Mariner Bank is a Maryland based community bank operating primarily throughout the central region of Maryland. First Mariner is an independent bank and operates 18 branches. First Mariner Bank was founded in 1920 and is based in Baltimore, Maryland.

Sell -
Mergr

Product

Company

Legal