ROCKVILLE, Md. -- Mellon Bank Corp. said the Resolution Trust Corp. has agreed to sell eight branches of the failed Standard Federal Savings Bank to Mellon Bank (Maryland).
The seizure of Gaithersburg-based Standard Federal on Oct. 21 threatened to derail the previously announced acquisition, which will double Mellon's Washington-area branch network. But the RTC agreed to honor the terms negotiated before the seizure, and Mellon said it would complete the transaction in early December as planned.
As previously reported, Mellon will pay a 4% premium, or about $12 million, for $313 million in deposits.
