Howard Bancorp in Ellicott City, Md., has agreed to buy a branch from Rising Sun Bancorp in Rising Sun, Md.
The $499 million-asset Howard will buy a branch in Havre de Grace, Md., from the $206 million-asset Rising Sun. The transaction will also include about $17 million in loans and roughly $21 million in deposits.
"Howard Bank has been very favorably impressed by our experiences in Harford County since our purchase of a branch in Aberdeen and the opening of a de novo branch in Bel Air," Mary Ann Scully, the company's president and chief executive, said in a press release. "The community has opened its arms to us and welcomes our commitment to serve them as a sophisticated local bank and our interest in growing with them."
The companies expect to complete the transaction in the third quarter.
Griffin Financial Group and Ober Kaler advised Howard Bank. The Kafafian Group and Silver, Freedman, Taff & Tiernan advised Rising Sun.