Havre de Grace Branch of NBRS to be Sold

The owner of Howard Bank (Howard Bancorp) said that it will be purchasing NBRS in Havre de Grace, according to The Baltimore Sun.

The Havre de Grace branch of NBRS is located at 800 Revolution Street.

The Federal Reserve Board recently ordered NBRS (formerly known as the National Bank of Rising Sun) to find a buyer or raise capital, according to Delaware Business Daily, after it struggled with loans.

NBRS has branches in Rising Sun, Elkton and Street in Maryland and in Peach Bottom, PA.

Through the deal to acquire the Havre de Grace branch of NBRS, Howard Bank will take on approximately $17 million in additional loans and nearly $21 million in deposits, subject to regulatory approval, according to a statement Howard Bank released Friday.

Howard Bank has broadened its reach from its home base in Ellicott City, opening offices in Towson, Bel Air and Aberdeen in the last year.

"Howard Bank has been well received in Harford County and we are excited to extend our commitment to that community," Howard Bank CEO Mary Ann Scully said.

The sale of the Havre de Grace branch is expected to close by the third quarter of 2014, Delaware Business Daily reported.

Related: Howard Bank Acquires Aberdeen Branch of Cecil Bank