This article was published April 24, 2014, in City Biz List, Baltimore
ELLICOTT CITY, Md. & RISING SUN, Md.–(BUSINESS WIRE)–Howard Bancorp, Inc. and Rising Sun Bancorp, Inc. today jointly announced that their respective banking subsidiaries, Howard Bank and NBRS Financial Bank (NBRS), have entered into a purchase and assumption agreement for Howard Bank to purchase the NBRS Bank branch located at 800 Revolution Street, Havre de Grace.
Pursuant to the agreement, Howard Bank expects to acquire approximately $17 million in loans and assume approximately $21 million in deposits from NBRS.
Mary Ann Scully, Howard Bank’s President and CEO, said of the transaction, “Howard Bank has been very favorably impressed by our experiences in Harford County since our purchase of a branch in Aberdeen and the opening of a de novo branch in Bel Air. The community has opened its arms to us and welcomes our commitment to serve them as a sophisticated local bank and our interest in growing with them. We appreciate this opportunity to extend both our presence and our commitment in this attractive market.”
Hugh Garchinsky, NBRS President and CEO, stated, “Our purpose in conducting this transaction is to strengthen our capital ratios. Only approximately 10% of NBRS’ deposits and loans are involved with this sale; the core bank at NBRS remains intact. We are pleased to work with the fine people from Howard Bank, and we believe our customers will continue to receive excellent banking service and benefit from a continued relationship with a community bank that genuinely cares for its customers and the community it serves the same as we do.”
The completion of the transaction is subject to customary closing conditions, including receipt of all necessary regulatory approvals, and is expected to be completed in the third quarter of 2014.
Griffin Financial Group acted as financial advisor to Howard Bank. Ober|Kaler served as legal counsel to Howard Bank. The Kafafian Group acted as financial advisor to NBRS and Silver, Freedman, Taff & Tiernan LLP served as legal counsel to NBRS.
About Howard Bancorp, Inc.
Howard Bancorp, Inc. is a bank holding company with total assets of $499 million as of December 31, 2013. Its principal operating subsidiary, Howard Bank, is a growth-focused community bank serving businesses, professionals and individuals in the Greater Baltimore area through eight full service branches and also regional offices in Annapolis and Towson, MD. Howard Bank is a wholly owned subsidiary of Howard Bancorp, Inc. (NASDAQ: HBMD). For information, call 410-750-0020 or visit www.howardbank.com
About Rising Sun Bancorp, Inc.
Rising Sun Bancorp, Inc. is the parent company of NBRS, headquartered in Rising Sun, Maryland, with six locations in Harford and Cecil Counties, Maryland and Lancaster County, PA. NBRS is a full-service, community-oriented financial institution dedicated to serving the financial services needs of consumers and businesses within its market area. At December 31, 2013, Rising Sun Bancorp, Inc. had consolidated assets of $206 million. www.nbrs.com– See more at: http://baltimore.citybizlist.com/article/howard-bank-buy-havre-de-grace-maryland-branch-nbrs#sthash.XgIVaeYx.dpuf