Revere Bank announced the completion of its previously announced merger with Monument Bank, effective as of the close of business September 30, 2016. The merger was completed following receipt of shareholder approval from both institutions and all required regulatory approvals. Immediately following the closing of the merger, Monument merged into Revere.
The merger was first announced on May 3, 2016. Based on financial information as of June 30, 2016, on a pro forma basis, the combined company has approximately $1.7 billion in assets, with ten branches, making Revere the third largest bank headquartered and operating in the State of Maryland.
Pursuant to the merger agreement, each shareholder of Monument common stock shall receive 1.0814 shares of Revere Bank common stock for each share of Monument common stock held immediately prior to the merger.
“We are excited to finalize this merger and welcome the Monument team to Revere,” said Drew Flott, Revere Bank Co-President and CEO. “This merger is a great addition to our growing presence in Maryland and Suburban Washington, and we are thrilled about the future of the bank.”
“We are happy to welcome Monument customers, shareholders and employees to the Revere team,” said Ken Cook, Revere Bank Co-President and CEO. “This expansion will allow us to provide our customers with even more resources in more areas to help them become more successful.”
In connection with the transaction, Monument Bank Founder and CEO H.L. Ward joins the executive management team of Revere and its Board of Directors. Ward, along with Kimberly Hoover, Angelo Magafan and James Seale, each members of the Monument Board of Directors, also join Revere’s Board of Directors. All other current members of the Monument Board have been invited to join Revere’s Montgomery Regional Advisory Board.
Revere Bank was advised by Houlihan Lokey Capital, Inc. as financial advisor, Windels Marx Lane & Mittendorf, LLP as legal counsel and Ambassador Financial Group, Inc. provided the fairness opinion to Revere. Sandler O’Neill + Partners, L.P. served as financial advisor and Luse Gorman, PC served as legal counsel to Monument Bank.
About Revere Bank
Revere Bank is a community bank with more than $1.7 billion in assets. Established in 2007, Revere Bank specializes in serving business clients throughout the I-270 and Washington-Baltimore corridors. Led by a team of experienced bankers with extensive local market knowledge, Revere Bank provides creative financing and unparalleled service to meet each client’s unique needs. Headquartered in Maryland, Revere Bank has locations in Anne Arundel, Baltimore, Frederick, Howard, Montgomery and Prince George’s counties. We do everything we can to say yes to you – because we’re committed to your success. For more information, visit reverebank.com. Connect with us on Facebook, LinkedIn and Twitter.
