July 29, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Virginia Commerce Bancorp, Inc. (NASDAQ: VCBI), the holding company for Virginia Commerce Bank, said that it has withdrawn its public offering of $75 million in common stock.

Peter A. Converse, the firm’s CEO, said, “Because of an unfavorable change in market conditions, the board of directors decided it was not in the best interests of our stockholders to proceed with the holding company’s previously announced offering, as the potential pricing did not meet our minimum criteria.”

He added that Virginia Commerce had just reported a third consecutive quarter of improved profits as well as a “meaningful” reduction in non-performing assets, and that the company believes that these trends will, “…continue in the right direction.”

Virginia-based Virginia Commerce Bank is a state chartered bank that began operations in May 1988. The bank pursues a traditional community banking strategy, offering a range of business and consumer banking services through twenty-eight branch offices, one residential mortgage office and one Wealth Management Services office, principally to individuals and small-to-medium size businesses in Northern Virginia and the Metropolitan Washington, D.C. area.

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