ODNB provides concierge-level service to both new and existing commercial customers and consumers in our surrounding communities within the Washington metropolitan area, Northern and Central Virginia, and Central Pennsylvania. We are an independent, locally owned and managed community bank with executive headquarters in Tysons Corner, Virginia.
ODNB focuses on building deep, long-lasting relationships through our personalized service, serving small to medium-sized businesses, nonprofits, and consumer customers, across our footprint. We offer a full range of financial products and services, comparable to those of larger banks, including commercial and consumer loans, treasury and cash management, merchant card services, debit and credit card services for personal and business accounts; to checking, saving, money market deposit accounts, certificates of deposit, individual retirement accounts, online banking, and mobile banking. ODNB prides itself on its wide offering of products and services to our customers, our commitment to build and invest in our surrounding communities, and our fast personal service from our established banking professionals.
ODNB’s Tysons Corner full-service branch serves the Washington metropolitan area, and the bank’s full-service locations in Albemarle County serve Central Virginia. Centre1st Bank, a division of ODNB, serves the Central Pennsylvania area with a full-service branch in State College, Pennsylvania.
2021 – ODNB’s Continued Support to our Customers and Communities.
ODNB secured $301 million in funding for more than 700 small businesses and nonprofits through the federal emergency Paycheck Protection Program (PPP) launched in April 2020. ODNB funded $92 million in PPP loans in 2021 alone, after the U.S Small Business Administration (SBA) opened the program’s second round at the beginning of the year.
Our PPP loan volume reflects both the tremendous demand for the program and the extraordinary work done by the Bank’s employees. The Bank’s entire team of 79 employees provided its concierge style of service to help both new and existing customers to access the federal program.
In 2021, ODNB also appointed Robert Hubbell and William Reilly to its Board of Directors.
As a result of its continued strong financial performance, its participation in the PPP and its drive to recruit and keep top-tier talent across the company, the Bank’s total assets have grown to $827.5 million as of June 30, 2021.
2020 – Record-Breaking Results for ODNB.
Despite the challenges that the COVID-19 pandemic and associated economic crisis presented, including a near-zero interest rate environment, ODNB achieved record financial results in 2020 by providing credit and capital to their business and individual customers when they needed it most, including through an expanded residential mortgage lending platform and PPP lending. ODNB’s loan portfolio grew by 88%, a key driver that enabled ODNB to achieve its first full year of profitability in 2020. As a result of ODNB's amazing growth, the Washington Business Journal named the bank among the regions fastest growing companies.
ODNB also appointed Daniel Harrington to serve as vice chairman of the Board and Former Washington, D.C. Mayor Anthony Williams and PA State Senator Jacob Corman III as directors of the bank.
Even in the midst of a pandemic, ODNB continued to find ways to support its communities. As a locally owned and managed bank, ODNB is a proud supporter of programs benefitting the people and communities that we serve. Among the incredible organizations that we support is the Organization for Autism Research (OAR), an Arlington, VA-based nonprofit that uses science to address the social, educational, and treatment concerns of self-advocates, parents, professionals, and caregivers in the autism community. In addition to serving as a corporate sponsor of OAR’s 2020 Active for Autism 5k, several of our team members participated in the virtual race, helping OAR exceed its fundraising goal for this event.
2019 – A Pivotal Year for ODNB.
In 2019, ODNB achieved significant balance sheet growth designed to provide the scale necessary to reach profitability. During 2019, the bank grew total assets by 62%, loans by 60% and deposits by 67%. ODNB also generated total revenue of $11.9 million, up 78% from the prior year.
As part of our strategic plan, ODNB expanded into the attractive Central Pennsylvania market, with the opening of our first Centre1st Bank branch in State College during 2019. Led by ODNB President Jack Infield, Centre1st made quick progress in attracting local business and consumer customers, supported by Central Pennsylvania-based executives, directors and shareholders who are connected and involved in the local business community.
During 2019, ODNB also took important steps to strengthen its team, executive management group and board leadership. Vishal Gandhi joined ODNB as SVP, Commercial Lender, Todd Rowley signed on as our Capital Region Market Executive, and Rick Schoen joined ODNB as SVP, Commercial Lender. In addition, we announced a strategic partnership with the DC-area founders of the former VisionBank (In Organization), many of whom became important shareholders of and advocates for ODNB, including Rick Horn, who joined ODNB as Executive Vice President and General Counsel. ODNB also strengthened its Board of Directors through the additions of Joseph DiPasquale, Alfred Moses, Jim Abdo and Jennifer Bognet in 2019.
In addition, ODNB successfully completed a $22.4 million private placement offering of common equity at $13.00 per share, or 138% of book value, in the fourth quarter of 2019. Investors in the offering were largely business leaders in the Washington, D.C. metro area. The capital supported the community bank’s continued organic growth and expansion throughout its Washington metro, Central Pennsylvania and Charlottesville markets.
Throughout 2019, ODNB supported several incredible organizations and events, like the 9th annual DC Wings of Hope fundraising gala benefitting the Melanoma Research Foundation and the Medical Care for Children Partnership (MCCP) Gala, raising funds to provide low-income families with reduced-cost health care for their children.