Local Business Alert: Regulators turn HarVest Bank’s deposits over to Sonabank

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The Washington Post Friday, April 27, 2012 7:30:03 PM
LOCAL BUSINESS ALERT

Regulators turn HarVest Bank's deposits over to Sonabank


Regulators on Friday seized HarVest Bank of Maryland and turned over its deposits to McLean-based Sonabank, ending the Gaithersburg institution's two-year struggle to raise capital.

The Federal Deposit Insurance Corp. entered into an agreement with Sonabank to assume HarVest's $145.5 million in deposits and four branches. The locations will reopen on Monday as Sonabank, which will now have more than $610 million in deposits on hand.


Read more at:
http://www.washingtonpost.com/blogs/capital-business/post/regulators-turn-harvest-banks-deposits-over-to-sonabank/2012/04/27/gIQAP7CEmT_blog.html



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