Maryland

Bankruptcy used to be uncharted water in banking, but the drastic measure is starting to look like the only way for some institutions to reach dry land.

Southern National Bancorp of Virginia (SONA) in McLean has agreed to buy Prince George's Federal Savings Bank in Upper Marlboro, Md.

Severn Bancorp (SVBI) in Annapolis, Md., will take a $4 million pretax charge in the fourth quarter after selling troubled loans.

BALTIMORE — Advance Bank shareholders have approved the proposed sale of the institution to Municipal Employees CU of Baltimore, and the credit union will take control of the bank Dec. 12.

The $1.2 billion-asset company said Tuesday that net proceeds from the sales totaled $26.3 million. Old Line said the sales will increase its tangible common equity.

Old Line Bancshares in Bowie, Md., agreed to disclose more information about a recent acquisition when challenged by shareholders, but it refused to pay any money. That rare resistance could embolden other banks to fight such suits harder, experts say.

A class-action settlement between Old Line Bancshares (OLBK) in Bowie, Md., and shareholders of WSB Holdings has been approved by the Maryland circuit court for Prince George's County.

MVB Financial (MVBF) in Fairmont, W.Va., has agreed to purchase certain assets and assume certain liabilities of CFG Community Bank in Lutherville, Md.

F.N.B. Corp. (FNB) in Hermitage, Pa., beat earnings estimates on strong net interest income.

Jeffrey Welch resigned from the $4.1 billion-asset lender at the end of August, the company disclosed in a regulatory filing Friday.

The $840 million-asset company will take a third-quarter charge of about $10 million on the sale of the loans, which have a book value of $33 million, it said.

The $979 million-asset company plans to offer up to 1.4 million shares of common stock at $19 per share, according to a Sept. 12 filing with the Securities and Exchange Commission.

The Treasury Department will receive $91 million from its latest auction. The agency announced plans last week to auction nearly $118 million of securities from several small banks.

Old Line Bancshares in Bowie, Md., has raised $12 million through a private placement.

Activist investor Lawrence Seidman is pressuring OBA Financial Services to find a buyer, saying its poor asset growth, lagging efficiency and "abysmal" returns on average assets and average equity make it necessary.

F.N.B. Corp. in Hermitage, Pa., is setting up a regional headquarters in downtown Baltimore.

Dwight Utz, who is leaving VantageSouth in North Carolina five months after it bought his bank, says he is looking for CEO jobs Virginia, Maryland or Pennsylvania.

Independence Federal Savings Bank (IFSB) in Washington, D.C., is taking a second shot at buying Colombo Bancshares in Rockville, Md., three years after the companies called off plans to merge.

Delmar Bancorp in Salisbury, Md., has worked out an arrangement to redeem preferred stock from an outside investor.

First Mariner Bancorp (FMAR) in Baltimore swung to a loss as professional fees rose and mortgage banking income cratered.