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Southern National Bancorp Of Virginia Inc announces signing of definitive agreement to acquire Prince George's Federal Savings Bank


Wednesday, 8 Jan 2014 06:25pm EST 

Southern National Bancorp Of Virginia Inc:Signs definitive merger agreement, under which Southern National has agreed to acquire Prince George's Federal Savings Bank in a cash and stock transaction with a total current value of about $11.5 mln or $12.75 per share, subject to the terms of the definitive merger agreement.Says upon completion of the transaction, the combined company will have about $805 mln in total assets, $700 mln in total deposits, and $600 mln in total loans.Says transaction will add four new banking locations for Sonabank within the Washington, D.C. metropolitan statistical area, two in Prince George's County, Maryland and two in Calvert County, Maryland.Says as per the merger agreement, 50 pct. of the consideration will be paid in cash and 50 pct. will be in newly-issued shares of Southern National common stock, based on an election by the shareholders of Prince George's FSB and subject to proration. 

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