LANCASTER, Pa. -- Fulton Financial Corp. said it has completed the acquisition of Mid-Atlantic Bankcorp of Hagerstown, Md., for about $69 million in stock.
Mid-Atlantic shareholders will receive 2.06 shares of Fulton Financial common stock for each of their shares.
Mid-Atlantic's Hagertown Trust Co., with $344 million of assets and 14 offices, becomes Fulton's seventh banking affiliate and the first outside Pennsylvania. It raises Fulton's assets to $2.8 billion and its offices to 90.
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
