(Washington, DC) The District of Columbia Department of Insurance, Securities and Banking (DISB) approved August 16, the application of WashingtonFirst Bank, Washington DC, to acquire First Liberty National Bank, Washington DC. As of June 2006, WashingtonFirst, a District-chartered commercial bank, had about $127 million in assets, while First Liberty, a national bank, had approximately $80 million.

“This acquisition would enhance WashingtonFirst’s ability to provide better deposit and lending services to the residents and businesses of the District of Columbia, and the surrounding area,” said DISB Commissioner Thomas E. Hampton. “This is an exciting prospect for the city.” 

DISB reviewed the proposed merger transaction for conformity with the District of Columbia banking code, and applicable regulations and policies.

“DISB considered WashingtonFirst’s financial and managerial resources, future prospects, community development programs, as well as the public interest,” said DISB Associate Commissioner for Banking Howard Amer. “All of these factors were found to be consistent with approval.”

WashingtonFirst was chartered in the District in 2004. It operates its head office and one branch in the District, as well as two branches in northern Virginia. First Liberty has its head office in the District and three branches in Maryland. First Liberty will be merged into WashingtonFirst as the surviving bank, and its four offices will become branches of WashingtonFirst.

WashingtonFirst has six months to consummate the transaction.