Bank of Georgetown Assets Surpass $1 Billion

Bank of Georgetown announced Tuesday that bank assets surpassed the $1 billion mark, closing the quarter ended June 30, 2014 with $1.07 billion in total assets, according to a news release.

Founded in 2005, bank officials say they achieved the milestone by maintaining a healthy balance sheet focused on credit quality; capital; and liquidity, especially core deposits; as well as a commitment to building a team dedicated to delivering exceptional value to clients.

“Our strategy has always been to help local businesses and professionals achieve long-term success by providing banking services based on responsiveness, flexibility and customized solutions,” said Chairman, President and CEO Mike Fitzgerald, in the news release. “While we are thrilled to reach this milestone, I am most proud of the fact that we have done so as a team, with unwavering dedication to our clients and corporate values. This accomplishment validates our commitment and approach to delivering an outstanding relationship-banking experience.”

In nine years, Bank of Georgetown has achieved growth while maintaining strong asset quality, the bank pointed out. The bank also noted that: Over the past five years ended June 30, 2014, the Bank’s compound annual asset growth was 24.5 percent. Loans and deposits have grown at comparable rates. Today, it has 108 employees, 11 branches and 3 business production offices throughout Maryland, Virginia and Washington, D.C. In December 2013, the bank completed its fifth private offering of common stock, raising approximately $18.1 million in gross proceeds from local shareholders and institutional investors. In the first quarter of 2014, the bank opened its 11th branch and relocated its headquarters to accommodate its expanding loan and deposit operations.

“Moving forward, we remain committed to maintaining a culture based on accessibility, accountability and understanding,” said Fitzgerald. “We are confident in our ability to blend a disciplined financial philosophy with unmatched value and service for the real estate firms, locally owned businesses, government contractors, nonprofits, professionals, title companies and individuals we serve.”