logo
Share SHARE
FONT-SIZE Plus   Neg

Sonabank Acquires Deposits And Loans Of HarVest Bank Of Maryland - Quick Facts

Sonabank, a subsidiary of Southern National Bancorp of Virginia Inc. (SONA), announced that it has entered into an agreement with the Federal Deposit Insurance Corporation or "FDIC" to assume all of the deposits and certain assets of HarVest Bank of Maryland a state chartered non-Fed member commercial bank. HarVest operates four branches -- North Rockville, Frederick, Germantown and Bethesda.

Sonabank said it will initially be acquiring the assets and liabilities of HarVest at a $27.3 million discount and no premium on deposits. In this transaction, Sonabank will be receiving $145 million in deposits, $95 million in loans and $6.2 million in other real estate owned (OREO) from HarVest. There will be no loss share agreement between the FDIC and Sonabank. In addition, Sonabank will be purchasing cash and marketable securities of HarVest.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Dutch consumer electronics giant Philips Electronics NV reported Monday lower attributable net income in its third quarter, while pre-tax income increased. Sales were flat on a reported basis, but grew 4 percent on a comparable basis mainly on growth in China. Further, the company said its outlook for 2017 remains unchanged despite ongoing global uncertainties. 10 Worst Places To Raise A Family Whether you are a young couple building a nest or seasoned parents looking for a change of scenery, there are number of places around the country that should be avoided, according to personal finance website WalletHub. They looked at mainly five categories for... A passenger has filed a lawsuit against Canadian budget airline Sunwing Airlines for serving him cheap sparkling wine instead of champagne on board a flight, according to media reports. The Canadian passenger, Daniel MacDuff, reportedly boarded his Sunwing flight to Cuba in February, on a flight package that advertised a complimentary on-board champagne toast.
comments powered by Disqus
Follow RTT