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 – Record Earnings, Continued Growth and Stronger Balance
While maintaining laser
focus on meeting the needs of our customers and communities during a
challenging year for many across our nation in 2021, ODNB sustained its
profitable growth trajectory, achieved record annual earnings, fortified its
balance sheet, and maintained excellent credit quality metrics throughout the
ODNB secured $301
million in funding for more than 700 small businesses and nonprofits through
the federal emergency Paycheck Protection Program (PPP) launched in 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. Even as the industry neared completion of this temporary federal stimulus
program funded through community banks, ODNB grew loans organically, with
non-PPP lending reaching record levels by year-end.
In 2021, ODNB also
appointed Robert Hubbell and William Reilly to its Board of Directors.
As a result of its continued
strong financial performance and its drive to recruit and keep top-tier talent
across the company, the Bank’s total assets have grown to $838 million as of
December 31, 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