Revere Bank in Laurel, Md., has agreed to buy Monument Bank in Rockville, Md.
The $1.2 billion-asset Revere said in a press release Tuesday that it will pay $65.1 million in stock for the $514 million-asset Monument. The deal is expected to close in the fourth quarter.
The acquisition "further cements our commitment to being a true suburban Washington community bank with a significant presence along the attractive Washington-to-Baltimore corridor," Ken Cook, Revere's co-CEO, said in the release.
H.L. Ward, Monument's founder and chief executive, will join Revere's executive management and board.
Revere, which recently bought BlueRidge Bank, said it plans to integrate that deal by the end of June.
Revere was advised by Houlihan Lokey Capital and Windels Marx Lane & Mittendorf; Ambassador Financial Group provided a fairness opinion. Sandler O'Neill and Luse Gorman advised Monument.