Howard Bank Agrees to Buy Havre de Grace, Maryland Branch from NBRS
April 24 2014 - 04:24PM
Business Wire
Howard Bancorp, Inc. (NASDAQ:HBMD) and Rising Sun Bancorp, Inc.
(OTCBB:RSAM) 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, MD 21078.
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
The statements in this press release regarding the anticipated
timing and impact of Howard Bank’s purchase of NBRS Bank’s Havre de
Grace branch are forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995 or the Securities
and Exchange Commission in its rules, regulations, and releases. We
intend that such forward-looking statements be subject to the safe
harbors created thereby. Such statements are based on our current
beliefs and expectations and are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
many of which are beyond our control. In addition, such
forward-looking statements are subject to assumptions with respect
to future business strategies and decisions that are subject to
change. Potential risks and uncertainties include, but are not
limited to, the risk of not receiving required regulatory approvals
and changes in local and national economic conditions. Accordingly,
actual results may differ from those expressed in the
forward-looking statements, and the making of such statements
should not be regarded as a representation by the companies or any
other person that results expressed therein will be achieved. The
companies do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions that
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
Howard BankMary Ann ScullyPresident and Chief Executive
Officer(410) 750-0020orNBRS Financial BankHugh J.
GarchinskyPresident and Chief Executive Officer(410) 658-5504
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