Sonabank, a subsidiary of Southern National Bancorp of Virginia Inc. (SONA: Quote), 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.
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by RTT Staff Writer
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