FVCBankcorp, Inc. Announces Major Investment in Cutting-edge Fintech Fund

Rhea-AI Summary

FVCBankcorp, Inc. (NASDAQ: FVCB) has announced a $1 million investment in JAM FINTOP Blockchain, enhancing its access to blockchain technology and fostering partnerships with fintech startups. This investment positions FVCB in a network of over 90 banks with combined assets exceeding $1 trillion, ranking it among the largest commercial banks in the U.S. The company aims to leverage this connection to improve customer services and operations. FVCB has previously invested in fintech solutions to optimize its banking services and reduce operational errors.

Positive

• Investment of $1 million in JAM FINTOP Blockchain enhances access to blockchain infrastructure.
• Join a network of over 90 banks with more than $1 trillion in combined assets.
• Potential for strategic partnerships with fintech startups increase due to investment.

Negative

• None.

$1 million investment puts the Company in a class of leading financial institutions pioneering transformations

FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) announced a $1 million investment in JAM FINTOP Blockchain (the Fund), a fund created and managed by Jacobs Asset Management (JAM) and FINTOP Capital. The investment gains the Company access to the Fund’s blockchain “infrastructure,” such as blockchain-powered applications in the key service areas of lending, payments and exchanges, as well as access to the JAM FINTOP Network (the “Network”) of community banks. The Company sees this significant investment as its latest endeavor in setting its customers up for success.

“We are excited about FVCBankcorp’s strategic investment in JAM FINTOP Blockchain. Our commitment to investing in innovative solutions like the rapidly growing and invaluable blockchain technology infrastructure drove this decision,” said FVCbank Chairman and CEO David Pijor, Esq. “With this investment, we can now leverage connections within the Fund’s Network to secure strategic partnerships with fintech startups.”

“Over the next decade, we believe blockchain will become the dominant operating infrastructure of the financial system and look forward to helping our Network members become early adopters of this transformational technology. Additionally, we believe the JAM FINTOP Network can provide access to proprietary deal flow as entrepreneurs appreciate the tremendous value and touchpoints it provides. We are appreciative of the Company’s investment and we are proud to welcome the team to our Network,” said Ryan Zacharia, General Partner at JAM Special Opportunity Ventures.

The Fund supports its financial institution partners by investing in companies that help community banks compete against megabanks, neobanks and fintechs. The Company’s investment unlocks avenues to enhanced operations within the financial infrastructure of the future by joining a cohort of over 90 banks with more than $1 trillion in combined assets. Taken as a whole, the Network would rank as the fifth-largest commercial bank in the United States, providing bolstered strength through mutual support and resources.

This strategic investment in fintech is only the latest of many the Company has made in recent years. In 2021 alone, the Company made significant strides in leveraging the power of fintech to serve its customers. Notable fintech investments include implementing a leading construction lending monitoring software that has enhanced compliance and sped up the funding of draw requests and the integration of Robotic Processes Automation (RPA), which virtually eliminated human error on repetitive tasks while freeing up hundreds of working hours annually.

The Company continues to demonstrate that it prioritizes innovation and inspires change to meet the banking needs of a modern clientele.

About FVCBankcorp, Inc.

FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $2.3 billion asset-sized Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Baltimore and Washington D.C., metropolitan areas. FVCbank is based in Fairfax, Virginia, and has nine full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., and Baltimore, Bethesda, and Rockville, Maryland.

For more information on the Company’s selected financial information, please visit the Investor Relations page of FVCBankcorp, Inc.’s website, www.fvcbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220727006054/en/

For further information, contact:

David W. Pijor, Chairman and CEO

Phone: (703) 436-3802

Email: dpijor@fvcbank.com

Patricia A. Ferrick, President

Phone: (703) 436-3822

Email: pferrick@fvcbank.com

Source: FVCBankcorp, Inc.

FAQ

What is FVCBankcorp's recent investment related to blockchain technology?

FVCBankcorp has invested $1 million in JAM FINTOP Blockchain, aiming to enhance its blockchain capabilities.

How does FVCB's investment impact its position in the financial industry?

The investment positions FVCB within a network of over 90 banks, ranking it among the largest commercial banks in the U.S.

What potential benefits does FVCB expect from its investment in JAM FINTOP Blockchain?

FVCB expects to leverage the Fund's network for strategic partnerships with fintech startups and enhance its service offerings.

What is the significance of the JAM FINTOP Network for community banks?

The JAM FINTOP Network supports community banks by investing in technologies that help them compete against larger financial institutions.

When did FVCBankcorp begin operations?

FVCBankcorp commenced operations in November 2007.