ODNB Financial Corporation, the holding company for Old Dominion Bank, announced it would merge with National Capital Bancorp, Inc., to form the seventh largest bank headquarters in Washington, D.C.
National Capital Bancorp, Inc. the holding company for the National Capital Bank of Washington, will merge into ODNB, with ODNB surviving as the bank holding company. The merger will create a holding company with an estimated $2.4 billion in assets and 10 branches across Washington, D.C., Maryland, Virginia, Pennsylvania and Florida. Old Dominion National Bank will merge with and into National Capital Bank, with National Capital Bank surviving as the wholly owned subsidiary bank, the companies said. In Pennsylvania, Centre 1st Bank will continue as a division of the combined bank.
Officials said the merger would give the holding companies greater scale and resources to deliver “best-in-class” products and services. The companies said leadership would change, but also remain the same. Richard B. (Randy) Anderson, Jr., who serves as the current chairman and CEO of NACB, will assume the position of non-executive chairman of the boards of the combined holding company and combined bank. Mark Merrill, current chairman and CEO of ODNB, will serve as CEO of the combined holding company and ODNB bank, and as president of the combined bank. Jack Infield, current president of ODNB, will serve as president of the combined holding company. The combined company’s board of directors will have seventeen directors, consisting of ten directors from ODNB and seven directors from NACB.
“This strategic combination creates a strong and promising future for our organization, our customers, and our shareholders,” Merrill said. “NACB brings one of the strongest deposit bases in the Washington, D.C. region, which complements ODNB’s best-in-class growth rate. I am also very pleased that Randy Anderson will serve as Chairman of the combined company and bank. Randy and I have known each other for more than a dozen years and have worked together in the past. We share the same philosophy and values, and we believe that bringing our teams together as one company will be a meaningful step forward for both organizations.”
The merger is expected to close in the fourth quarter of 2026, subject to satisfaction of customary closing conditions, including regulatory approvals and shareholder approvals from ODNB and NACB shareholders.