Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

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.

Click here to receive FREE breaking news email alerts for southern national bancorp of virginia inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved sharply lower over the course of the trading day on Wednesday, adding to the modest weakness seen in the two previous sessions. With the losses on the day, the major averages fell to their lowest closing levels in over a month. Democrats have climbed into the lead on a generic ballot, according to the results of a new CNN/ORC International poll, although the results may not be as positive for the party as they first appear. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.