Rockville-based Monument Bank will be sold to Laurel-based Revere Bank for $65.1 million, according to an announcement made via a press release Tuesday. The merger with Laurel-based Revere Bank will create third largest Maryland-based bank
The merger, which was unanimously approved by both banks’ board of directors, is expected to close in the fourth quarter of 2016, pending approvals from regulators and the banks’ shareholders.
Revere Bank made the move to strengthen its presence in Montgomery County, according to Revere Co-CEO Drew Flott.
“We are also excited about expanding our market presence, especially in Montgomery County where we will now have five branches on a combined basis,” Flott said in the press release. “We feel that Monument’s clients will value the greater convenience and depth associated with the combined entity.”
“This merger also further cements our commitment to being a true Suburban Washington community bank with a significant presence along the attractive Washington to Baltimore corridor,” Revere Bank Co-CEO Ken Cook said in the press release.
Click here to read the rest of the article written by Aaron Kraut over at Bethesda Magazine