Mercantile Bankshares Corp. of Baltimore cleared the last of its hurdles to acquire James Monroe Bancorp Inc. of Arlington, Va.
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Shareholders of the $530 million-asset James Monroe approved the deal Tuesday. Mercantile said 77.3% of James Monroe's outstanding shares were voted in favor of the deal.
The $16 billion-asset Mercantile said in March that it would buy James Monroe for $142.9 million.
James Monroe would be merged into Mercantile-Safe Deposit and Trust Co., a subsidiary of asset company, the buyer said.
The deal has already received regulatory approval. A spokesman for Mercantile said it does not need the approval of its own shareholders. The deal is expected to close Monday.
