ELLICOTT CITY, Md.--(BUSINESS WIRE)--
Howard Bank, subsidiary of Howard Bancorp, Inc. (NASDAQ: HBMD),
announced today that it has entered into an agreement with the Federal
Deposit Insurance Corporation ("FDIC") to assume all of the deposits and
purchase certain loans and other assets of NBRS Financial Bank ("NBRS"),
a full-service, state chartered commercial bank headquartered in Rising
Sun, Maryland. NBRS operates two branches in Harford County, Maryland in
Aberdeen, and Dublin, two in Cecil County in Elkton and Rising Sun and
one branch in Lancaster County Pennsylvania in Peach Bottom. All NBRS
branches will reopen Saturday morning October 18th during
their normal business hours as branches of Howard Bank. With this
transaction Howard Bank will now operate 13 branch offices, two regional
offices and two mortgage centers in five Maryland counties and two
states.
NBRS depositors will automatically become depositors of Howard Bank and
qualifying accounts will continue to be insured by the FDIC, up to
applicable limits. There will be no disruption of service for NBRS
customers; their money is accessible by check, using an ATM or by debit
card. Checks drawn on the bank will continue to be processed. Loan
customers should continue to make their payments as usual. Customers of
NBRS Financial Bank may continue to use their existing NBRS branch or
any other NBRS branch until they receive notice from Howard Bank that it
has completed systems changes to allow Howard Bank branches now in
Harford County and elsewhere to process their accounts.
“We are very pleased to welcome NBRS customers and employees to Howard
Bank. It’s business as usual and customers can be confident that their
deposits are safe, secure and readily accessible. NBRS customers will
continue to receive excellent banking service and benefit from a
continued relationship with a community bank that sincerely cares for
its customers and the communities in which we operate," said Howard
Bank’s President and CEO, Mary Ann Scully. “Our strategic decision over
three years ago to take advantage of the significant opportunities that
we saw in communities north of our birthplace in Howard County and our
locations in Anne Arundel County has been rewarded with a brand
recognized before today in four counties in the state. Our most recent
moves into Harford County through both branch acquisition and organic de
novo branch locations is typical of our view that a very consistent
growth strategy is the best for our customers, employees, shareholders
and community stakeholders. Our knowledge of the Cecil County and
Lancaster County communities makes us believe that these attractive
markets will welcome our unique combination of deep and broad product
sets, experienced and sophisticated financial experts and a very
traditional, high touch approach to each and every relationship. We
consider it an honor to work with employees and customers of one of the
oldest banks in the state of Maryland with a unique legacy and we look
forward to the opportunity of serving former NBRS customers for years to
come.”
As of June 30, 2014, NBRS Financial Bank had approximately $188.2
million in total assets and $183.1 million in total deposits. In
addition to assuming all of the deposits of NBRS Financial Bank, Howard
Bank also agreed to acquire the majority of the NBRS Financial Bank
assets. The FDIC will retain the other real estate owned and other
remaining assets for later disposition. The FDIC estimates that the cost
to the Deposit Insurance Fund (DIF) will be $24.3 million. In addition,
Howard Bank has entered into an agreement with a third party to sell
certain non-performing and other loans, totaling approximately $18.4
million in the aggregate, within 30 days.
Customers with questions about today's transaction should call the FDIC
toll-free at 1-800-930-1848. The phone number will be operational this
evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from
9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on
Monday from 8:00 a.m. to 8:00 p.m., EDT; and thereafter from 9:00 a.m.
to 5:00 p.m., EDT. Interested parties also can visit the FDIC's Web site
at http://www.fdic.gov/bank/individual/failed/NBRS.html.
In addition, customers can visit their former NBRS branch should they
have any questions about their banking relationship.
Interested parties also can visit directly the web site of Howard Bank
at www.howardbank.com
or through a link on the www.NBRS.com
web site.
About Howard Bancorp, Inc.
Howard Bancorp, Inc. is a bank holding company with total assets of $534
million as of June 30, 2014. Its principal operating subsidiary,
Howard Bank, is a growth-focused community bank serving businesses,
professionals and individuals in the Greater Baltimore area through
eight full service branches and also regional offices in Annapolis and
Towson, MD, and mortgage operations throughout the Central Maryland
area. Howard Bank is a wholly owned subsidiary of Howard Bancorp,
Inc. (NASDAQ: HBMD). For information, call 410-750-0020 or visit www.howardbank.com.
Howard Bancorp, Inc.
Mary Ann Scully
Chair, Chief Executive
Officer
410-750-0020
Source: Howard Bancorp, Inc.