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Article: Mercantile Makes Deal to Expand in Va.(Mercantile Bankshares Corp. to purchase James Monroe Bancorp Inc., Arlington, Virginia)
- Article from:
- American Banker
- Article date:
- March 28, 2006
- Author:
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Mercantile Bankshares Corp., which bought Community Bank of Northern Virginia in May of last year for $215.4 million, has another deal in northern Virginia.
The Baltimore company said it will pay $142.9 million for James Monroe Bancorp Inc. of Arlington.
Edward "Ned" J. Kelly 3d, Mercantile's chairman, president, and chief executive, has been vocal recently about wanting to expand in the northern Virginia area.
In an interview Monday, when the James Monroe deal was announced, he said: "This is clearly the fastest-growing part of our franchise. If you take even the small position we had there before we bought Community Bank of Northern Virginia, ...