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Article: James Monroe Bank to merge.
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- July 18, 2006
CopyrightCOPYRIGHT 2006 The Washington Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Tom Ramstack
Jul. 18--Mercantile Bankshares is acquiring James Monroe Bank in a $143 million cash and stock deal that once again is reshuffling the competitive Northern Virginia banking market.
Mercantile Bankshares is paying more than three times the book value of Arlington-based James Monroe, which is unusually high even considering the fast pace of bank consolidations in recent years.
Nevertheless, shareholders approved the deal, which is scheduled to close this week. State and federal regulators also have given approval.
Last year, Baltimore-based Mercantile Bankshares acquired Community Bank of Northern Virginia for $212 ...