Cardinal Financial Corporation Announces Opening of Cardinal Bank-Manassas/Prince William, N.A.FAIRFAX, Va.--(BUSINESS WIRE)--July 26, 1999-- - Debut Part of Ongoing Corporate Strategy - Manassas/Prince William County's Only Locally Managed Bank 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-Manassas/Prince William, N.A. The bank's July 26th debut demonstrates the continuing fulfillment of Cardinal Financial Corporation's original business plan of providing locally oriented and independently managed full-service community banks 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 Bank-Manassas/Prince William, 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, is the only locally managed, full-service community bank in the Manassas and Prince William County communities. The bank is located at 9626 Center Street in Manassas. Cardinal Bank-Manassas/Prince William, N.A. offers a broad range of modern banking services and products to individuals, professionals and small to medium sized businesses. In addition, it is distinguished from the larger, impersonal and out-of-state banks dominating northern Virginia because of its independent and locally based executive management team. Cardinal Bank-Manassas/Prince William, N.A.'s senior management team has strong community ties, and is empowered with extensive decision-making authority. As well, Manassas and Prince William County business leaders and professionals comprise the bank's board of directors. Commenting on the bank's commencement of business, Cardinal Financial Corporation President L. Burwell Gunn said, "I am very excited about Cardinal Bank's opening in the Manassas and Prince William County communities, and confident that the bank will offer customers a superior and unique banking experience. This bank's opening is a significant step forward for Cardinal Financial Corporation, and an integral part of our plan to establish four strategically located and independently managed banks in Northern Virginia." Gunn added, "Cardinal Bank-Manassas/Prince William President Chris Bergstrom, and the talented team he has assembled, have impressive credentials within the banking and financial sectors and, just as importantly, very strong community ties." Added bank President Christopher W. Bergstrom, "A compelling feature of this bank's operating strategy is that the management team and board of directors have lived and worked in Manassas and Prince William County collectively for over 300 years. A management team that is as familiar with this community's needs as we are is going to provide higher quality, 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. In addition, as a full-service community bank, we offer our customers an extensive range of contemporary banking products and services designed to fit their specific needs. We are committed to providing this community a complete and gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. banking experience." Consumer banking services offered by Cardinal Bank-Manassas/Prince William, N.A. include FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured accounts Insured account A bank or financial account that is insured for the benefit of the depositor, protecting against loss in the event that the savings institution becomes insolvent. See: FDIC. , customized loans, a variety of deposit programs, check imaging, investment services through Cardinal Wealth Services, Inc., credit and debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , personalized loan plans, Cardinal OnLine Banking sm and Online Bill Payer, and optional automated telephone attendant. Commercial banking services include business and real estate loans, an automated, high return commercial 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 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 cash flow management program; optional automated telephone banking; and a messenger delivery service. The communities of Manassas and Prince William County are located 35 miles south of Washington, DC. With a population of nearly 30,000, the city of Manassas was Virginia's fastest growing city in the 1980s, nearly doubling its population during that time. Prince William County is home to almost 278,000 residents; that county's population is expected to grow to over 384,000 by 2020. Within the state of Virginia, median household income The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more. in Manassas and Prince William County are the fifth and eighth highest, respectively.(1) Cardinal Financial Corporation, in the ongoing fulfillment of its original business plan, intends to open two additional community banks in Northern Virginia in 1999. Cardinal Bank-Manassas/Prince William, N.A., a wholly owned subsidiary of Cardinal Financial Corporation (NASDAQ:CFNL), was chartered on July 26, 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., also a wholly owned subsidiary of Cardinal Financial Corporation, was chartered on June 8, 1998 and is located in Fairfax, VA. Additional Cardinal community banks are scheduled to open in 1999 in Dulles/Reston and Alexandria/Arlington. 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-Manassas/Prince William, N.A, 9626 Center Street, Manassas, Virginia “Manassas” redirects here. For other uses, see Manassas (disambiguation). Manassas is an independent city located in the Commonwealth of Virginia. The population was 35,135 at the 2000 census. , 20110-5522, (703)393-8200, 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: www.manassas.com, Potomac News The Potomac News is a newspaper published in Prince William County, Virginia and is one of a number of competing local papers covering the Washington, D.C. suburbs and exurbs in the region. A daily paper with a Manassas weekly supplement, it is owned by Media General. Guide on-line edition; www.co.prince-william.va.us/demographics/population; Cardinal Financial Corporation Prospectus (July 17, 1998) |
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