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hey re deeply rooted in their communities like we are here,” Leake said.
The agreement between Provident Bankshares, Union Bankshares and RNB has been signed, but it will not close until mid-September, Leake said. The new branches will not start converting to RNB products and services until that time.
Leake said the price of the transaction has not been finalized, but he estimated that it will be in the neighborhood of $6 million to $8 million.
Provident Bankshares Chairman and CEO Gary N. Geisel said in a press release that Provident is selling the branches to focus more on the Baltimore, Washington, D.C., and Richmond markets.
Leake said the branches were seen as outliers compared to Provident’s concentration along the Interstate 95 corridor.
“They want 1-95, we want the rural markets,’* he said.
Leake also said this is likely not the final stage of RNB’s growth. Other markets, primarily those along the Interstate 81 corridor, have also been identified as potential areas for expansion.
E-mail the reporter at kallen@timespapers. com
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