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From Earlier: WashingtonFirst Announces Deal to Acquire Alliance Bankshares

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WashingtonFirst Bankshares, Inc. (OTCBB: WFBI) announced yesterday that it has entered into an agreement to acquire Chantilly, Virginia – based Alliance Bankshares Corporation (NASDAQ: ABVA) for a combination of cash and stock valued at approximately $24.4 million, based on today's closing price of WFBI common stock. This will be the fourth and largest acquisition for WashingtonFirst, which opened for business in 2004. In conjunction with the acquisition, WashingtonFirst has commitments for $20 million in additional equity capital from institutional investors, existing Board members, and other local investors.

WashingtonFirst recently reported total assets of $608 million as of March 31, 2012, and first quarter net income of $705 thousand or $0.24 per common share. Alliance reported total assets of $506 million as of December 31, 2011, and a net loss of $6 million for the year. Management of Alliance attributed the loss primarily to a $5.3 million deferred tax asset valuation allowance and $1.2 million of expenses related to a merger agreement with Eagle Bancorp, Inc. that was terminated last year by mutual agreement.

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