The parent company of Howard Bank in Ellicott City says it has agreed to purchase an NBRS Financial Bank branch in Havre de Grace.
The Ellicott City-based Howard Bancorp did not disclose the terms of the deal but said it expects to take over $21 million in deposits and $17 million in loans.
NBRS's parent, Cecil County-based Rising Sun Bancorp, negotiated the deal while under intense pressure to increase its cash on hand. Just under three weeks ago, the Federal Reserve gave the company 60 days to raise capital or sell itself.
NBRS CEO Hugh Garchinsky said in a statement that the transaction involves about 10 percent of his bank's deposits and loans.
Howard Bank said it moved to increase its footprint in Harford County after good experiences with two other branches there.