Mercantile Bankshares Corp. said yesterday that it has completed the acquisition of Marine BanCorp Inc. in a transaction valued at about $4.6 million.
Marine BanCorp shareholders will receive 0.75 of a share of Mercantile common stock in exchange for each Marine share.
Marine has $23 million in assets and 166,160 shares outstanding. The Chincoteague Island, Va.-based bank has been folded into Mercantile's affiliate, Farmers & Merchants Bank -- Eastern Shore.
Baltimore-based Mercantile is Maryland's largest independent banking company, with $7.5 billion in assets.
Mercantile has added size by buying community banks in the region. In all, it has 21 banking affiliates, with offices in Maryland, Delaware and Virginia. The largest affiliate is Mercantile-Safe Deposit and Trust Co.
Mercantile has recently been ranked as the best-capitalized large bank in the country, and it churns out steady profit. It earned $109.3 million in the first nine months of this year, compared with $99.3 million for the same period a year earlier. Shares of Mercantile closed yesterday at $36.6875, down 6.25 cents.
Pub Date: 12/19/98