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Cardinal Financial Corporation
Former type
Defunct
Industry Financial services
Fate Acquired by United Bank
Founded 1997; 20 years ago (1997)
Defunct April 24, 2017; 6 months ago (April 24, 2017)
Headquarters McLean, Virginia
Key people
Bernard H. Clineburg, CEO
Mark A. Wendel, CFO
Products Banking
Revenue Increase $153.478 million (2016)
Net income
Increase $50.491 million (2016)
Total assets Increase $4.210 billion (2016)
Total equity Increase $452.177 million (2016)
Number of employees
839 (2016)
Website www.cardinalbank.com

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. In 2017, Cardinal was acquired by United Bank.

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.

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.

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

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

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

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. Clineburg took over as CEO in October 2001, following the resignation of founding CEO L. Burwell Gunn.

Clineburg immediately collapsed the company's four banking units into one and laid off 33 of the bank's 135 employees. 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.

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

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

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

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

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.

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.

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.

In April 2017, United Bank acquired Cardinal Financial for $912 million.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2017 2017-10-20 Future report Set alerts
Q2 2017 2017-07-19 Future report Set alerts
Q1 2017 2017-04-11 0.36 0.36
Q4 2016 2017-01-25 0.32 0.32
Q3 2016 2016-10-19 0.37 0.37
Q2 2016 2016-07-20 0.42 0.42
Q1 2016 2016-04-20 0.39 0.39
Q4 2015 2016-01-20 0.27 0.27
Q3 2015 2015-10-21 0.34 0.34
Q2 2015 2015-07-15 0.40 0.40

Ratings

2016-03-28 Lower Price Target Robert W. Baird Neutral $18.00 to $17.00
2016-01-22 Upgrade Keefe, Bruyette & Woods Market Perform to Outperform $23.00
2016-01-21 Lower Price Target Sandler O'Neill Hold $22.00
2016-01-21 Lower Price Target Raymond James Outperform $25.00 to $24.00
2016-01-21 Lower Price Target Raymond James Financial Inc. Outperform $25.00 to $24.00
2015-07-18 Reiterated Rating Keefe, Bruyette & Woods Hold
2015-07-17 Boost Price Target Keefe, Bruyette & Woods Market Perform $20.00 to $23.00
2015-04-23 Reiterated Rating Keefe, Bruyette & Woods Market Perform $19.00 to $20.00
2015-01-23 Downgrade Keefe, Bruyette & Woods Outperform to Market Perform $20.00 to $19.00
2014-07-17 Boost Price Target FBR & Co. Market Perform $18.00 to $20.00
2014-07-17 Boost Price Target Raymond James Outperform $19.00 to $19.50
2014-07-17 Boost Price Target FBR & Co Market Perform $18.00 to $20.00
2014-04-28 Reiterated Rating FBR & Co. Market Perform $18.00
2014-04-24 Boost Price Target Robert W. Baird $17.00 to $18.00
2013-09-20 Downgrade Raymond James Strong-Buy to Outperform $19.00
2013-09-20 Downgrade FBR & Co. Outperform to Market Perform $19.00 to $16.50
2013-09-18 Downgrade Boenning & Scattergood Outperform to Neutral
2013-09-18 Downgrade Boenning Scattergood Outperform to Neutral $17.00
2012-10-24 Upgrade Boenning & Scattergood Neutral to Outperform $18
2012-10-24 Reiterated Stifel Nicolaus Buy $14 to $17
2011-04-14 Upgrade Davenport Neutral to Buy $14
2011-01-27 Downgrade Boenning & Scattergood Outperform to Neutral
2010-06-15 Initiated Boenning & Scattergood Outperform $11.50
2009-10-23 Upgrade Stifel Nicolaus Hold to Buy $10
2008-09-22 Downgrade BB&T Capital Mkts Buy to Hold
2008-08-13 Downgrade Keefe Bruyette Outperform to Mkt Perform $10
2016-03-28 Lower Price Target Robert W. Baird Neutral $18.00 to $17.00
2016-01-22 Upgrade Keefe, Bruyette & Woods Market Perform to Outperform $23.00
2016-01-21 Lower Price Target Sandler O'Neill Hold $22.00
2016-01-21 Lower Price Target Raymond James Outperform $25.00 to $24.00
2016-01-21 Lower Price Target Raymond James Financial Inc. Outperform $25.00 to $24.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
SHAFRAN GEORGE P 0.51%  (163347) CFNL /
RUSSO JAMES D 0.42%  (133340) CFNL /

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