Cardinal Financial Corporation Announces Cardinal Bank-Dulles, N.A. Opening.FAIRFAX, Va.--(BUSINESS WIRE)--Aug. 3, 1999-- - Bank Headquartered in Thriving Reston/Dulles Corridor Region - Third Cardinal Community Bank to Open in Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. Cardinal Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFNL) announced today the commencement of business of Cardinal Bank-Dulles, N.A. A wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cardinal Financial Corporation, the full-service community bank provides customized services and products tailored to consumers and small businesses in Northern Virginia, specifically within Fairfax and Eastern Loudoun Counties. Cardinal Bank-Dulles, N.A. is located at 11150 Sunset Hills Road in Reston, Virginia Reston is an internationally known planned community whose goal was to revolutionize post-World War II concepts of land use and residential/corporate development in American suburbia. . Small businesses are proliferating Proliferating is the multiplication of a certain thing. Often it is used as a biological term to describe the increase of cells due to cell division. Look under proliferate or proliferation for more details. in the communities of Reston and Herndon, and along the Dulles International Airport access corridor. Businesses include technology firms, professional and trade associations and service organizations. Designed for emerging and small businesses, as well as consumers, Cardinal Bank effectively meets the banking demands of this community. Cardinal Bank's opening on August 2 demonstrates the continuing fulfillment of Cardinal Financial Corporation's business plan of providing locally oriented and independently managed full-service community banks in Northern Virginia. Cardinal Bank is the third Cardinal community bank to open in Northern Virginia in the last 14 months. Commenting on the opening of the Reston-headquartered Cardinal Bank, Cardinal Financial Corporation's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , L. Burwell Gunn, said, "I am very pleased and excited about the opening of the third Cardinal community bank in Northern Virginia. Cardinal Bank-Dulles, like the other Cardinal Banks, is designed to meet the contemporary banking needs and demands of Virginia residents and small businesses. It provides a new level of banking: one that combines advanced banking products and expert, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service." A distinguishing feature of Cardinal Bank is its independent executive management team, one that is familiar with the local community, and empowered with extensive decision-making authority. For consumers and small businesses, this is a distinct advantage over the larger, detached, out-of-state banks dominating Northern Virginia. A 15-year veteran of the commercial banking industry and a Loudoun County resident, Cardinal Bank President Greg Wheeless said, "Our team is committed to providing a complete and satisfying banking experience for individuals and small businesses. This community bank's customized products and services are particularly well suited to emerging and small businesses. We look forward to forging solid, long-term relationships with both consumers and small businesses in this community." Consumer banking services offered by Cardinal Bank include customized loans, a variety of FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured deposit programs, investment services through Cardinal Wealth Services, Inc. and Cardinal OnLine Banking sm with Online Bill Payer. Commercial banking services include business and real estate loans, an automated commercial investment sweep account Sweep Account A bank account that, at the close of each business day, automatically transfers amounts that exceeds (or falls short of) a certain level into a higher-interest earning account. , Cardinal OnLine Commercial Banking sm, investment, insurance and retirement plans through Cardinal Wealth Services, Inc., competitive merchant bankcard bank·card n. A card issued by a bank authorizing the holder to receive bank services and often functioning as a debit card. services, Cardinal Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. Manager for attorneys and businesses with multiple escrow accounts, Business Manager accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying management program, and a messenger delivery service. Most important, however, is the superior customer service provided to every customer. Fairfax County's diversified business base includes technology services, corporate and regional headquarters operations, trade and professional associations, business services and financial service firms. The county is considered a leader in telecommunications and information technology. Loudoun County is one of the fastest growing jurisdictions in the Northern Virginia region, as well as the country. Cardinal Financial Corporation, in the ongoing fulfillment of its original business plan, intends to open an additional community bank in the Alexandria/Arlington area in 1999.(1) Cardinal Bank-Dulles, N.A., a wholly owned subsidiary of Cardinal Financial Corporation (NASDAQ:CFNL), was chartered on August 2, 1999 in order to meet demands for a customer and community focused banking alternative to the larger and impersonal out-of-state banks currently dominating Northern Virginia. The independently managed Bank offers a broad range of modern banking services and products to individuals, professionals and small to medium sized businesses. Cardinal Bank, N.A. and Cardinal Bank-Manassas/Prince William, N.A., also wholly owned subsidiaries of Cardinal Financial Corporation, were chartered on June 8, 1998 and July 26, 1999 respectively. Cardinal Bank, N.A. is located in Fairfax, VA. Cardinal Bank-Manassas/Prince William, N.A is located in Manassas, VA. An additional Cardinal community bank is scheduled to open in 1999 or early first quarter 2000 in the Alexandria/Arlington area. Each bank is locally owned, managed and focused, and is committed to providing customers with a high degree of personal service and expert decision-making. In addition, another Cardinal Financial Corporation subsidiary, the Fairfax headquartered Cardinal Wealth Services, Inc., in a strategic alliance with LM Financial Partners (a wholly owned subsidiary of Legg Mason Founded in 1899, Legg Mason, Inc. (NYSE: LM) is a leading Global Asset Management Firm that serves the institutional, mutual fund and wealth management markets. The firm is headquartered in Baltimore, Maryland, and is located on Lombard and Charles Streets in the Legg Mason Inc.), offers an extensive range of investment services and products to Cardinal Bank customers. Cardinal Financial Corporation is traded on the NASDAQ small cap stock exchange under the symbol "CFNL." For more information, contact Cardinal Bank-Dulles, N.A, 11150 Sunset Hills Rd., Reston, VA, (703)460-4000, or Cardinal Financial Corporation, 10555 Main St., Ste. 500, P.O. Box 1147, Fairfax, VA, 22030, (703)934-9208, 1(800)4-REDBIRD, Fax (703)691-8075, www.cardinalbank.com. Certain statements in this release regarding Cardinal Bank's future operations and business prospects may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Cardinal Bank believes that its expectations with respect to these forward-looking statements are based upon management's reasonable assumptions within the bounds of its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , there can be no assurance that the actual results, performance or achievements of Cardinal Bank will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The periodic reports of Cardinal Financial Corporation, as filed with the Securities and Exchange Commission, contain more details on factors that could affect such expectations. (1) Sources:loudoun.k12.va.us; loudouncounty.com; eda.co.fairfax.va.us |
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