Cardinal Bank

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Cardinal Financial Corporation
Industry Banking
Fate Acquired by United Bank
Founded 1997
Defunct 2017
Headquarters McLean, Virginia
Key people
Bernard H. Clineburg CEO
Mark A. Wendel, EVP, CFO[1]
Products Financial services
Revenue Increase US$153.478 million (2016)[1]
Increase US$50.491 million (2016)[1]
Total assets Increase US$4.210 billion (2016)[1]
Total equity Increase US$452.177 million (2016)[1]
Number of employees
839 (2016)[1]
  • Cardinal Bank
  • George Mason Mortgage
  • Cardinal Wealth Services

Cardinal Bank was a bank headquartered in McLean, Virginia that operated in Northern Virginia. It was a subsidiary of Cardinal Financial Corporation. It operated 3 business segments: commercial banking, mortgages, and wealth management services.[1] In 2017, Cardinal was acquired by United Bank.[2]


Cardinal Financial Services was founded in November 1997 as a bank holding company, with Fairfax attorney and politician John H. "Jack" Rust, Jr. as Chairman.[3][4]

In June 1998, the bank's first branch in McLean.

In July 1998, Cardinal Financial sold 2.6 million shares of stock at an initial price of $10/share.[3]

In 1999, Cardinal Financial Services began operating Cardinal Wealth Services as its investment advisory subsidiary.[5]

In July 2000, Cardinal Financial purchased Heritage Bancorp of Fairfax for $13.8 million.[6]

Cardinal Financial struggled during its first five years of operations, losing a total of $24 million over that time.[4] The complicated administrative structure needed to support its community bank model severely affected the company's profitability.[4]

To remedy the company's ills, Rust recruited former George Mason Bank CEO Bernard H. Clineburg to run Cardinal Financial in the summer of 2001.[4] Clineburg took over as CEO in October 2001, following the resignation of founding CEO L. Burwell Gunn.[4]

Clineburg immediately collapsed the company's four banking units into one and laid off 33 of the bank's 135 employees.[4] Cardinal also took a $8.3 million write-off on the 2000 purchase of Heritage Bancorp and a $1.7 million loss on a corporate bond from Worldcom.[4]

In May 2002, Cardinal raised another $18.5 million with a stock sale priced at $3.50 per share.[4]

In July 2004, Cardinal Financial Services bought George Mason Mortgage, LLC from the United Bank-Virginia unit of United Bankshares for $17 million.[7]

In May 2009, Cardinal Financial raised $31 million with the sale of 4 million shares of stock at $7.75 each.[8]

In April 2010, the company launched a middle school bank in Fairfax, County, Virginia.[9]

In May 2012, the United States Department of Justice concluded an investigation of lending discrimination and said that it did not intend to file a lawsuit against the bank.[10]

In October 2012, the company revised an advertisement in the Washington Metro after locals confused the company logo with that of the St. Louis Cardinals.[11]

In January 2014, Cardinal Financial acquired Vienna, Virginia-based United Financial Banking Companies, Inc., the holding company of The Business Bank, for $51.7 million.[12][13]

In April 2017, United Bank acquired Cardinal Financial for $912 million.[2][14]


  1. ^ a b c d e f g Cardinal Financial Corporation 2016 Form 10-K Annual Report
  2. ^ a b "United Bankshares, Inc. Completes Its Acquisition of Cardinal Financial Corporation" (Press release). Business Wire. April 24, 2017. 
  4. ^ a b c d e f g h Bredemeier, Kenneth (August 25, 2003). "Rescuing Cardinal Bank Took Some Expert Help". The Washington Post. 
  5. ^ Cardinal Financial Corporation 2004 Form 10-K Annual Report
  6. ^ "Around the Region". The Washington Post. July 31, 2000. 
  7. ^ "Cardinal Financial Corporation Completes Acquisition of George Mason Mortgage, LLC" (Press release). Business Wire. July 8, 2004. 
  8. ^ Term Sheet - Cardinal Financial Corporation - 4,000,000 Shares of Common Stock - May 21, 2009
  9. ^ "Cardinal Bank Launches First Middle School Bank In Fairfax County, Virginia" (Press release). Business Wire. April 19, 2010. 
  10. ^ Douglas, Danielle (May 14, 2012). "DOJ ends investigation of Cardinal Bank". The Washington Post. 
  11. ^ Steinberg, Dan (October 11, 2012). "Cardinal Bank revises Metro ad". The Washington Post. 
  12. ^ "Cardinal Financial Corporation Completes Acquisition of United Financial Banking Companies, Inc." (Press release). Business Wire. January 16, 2014. 
  13. ^ Clabaugh, Jeff (January 16, 2014). "Cardinal Bank completes Business Bank acquisition". American City Business Journals. 
  14. ^ Medici, Andy (April 24, 2017). "Greater Washington's biggest bank deal in recent memory is finally complete". American City Business Journals.