Southern National Bancorp of Virginia (SONA) in McLean has agreed to buy Prince George's Federal Savings Bank in Upper Marlboro, Md.
The $709 million-asset Southern National will pay $11.5 million, or $12.75 a share, for the $96 million-asset Prince George's. The consideration will be evenly split between cash and stock.
Southern National will also gain four Maryland branches that are considered Washington suburbs. The acquisition should close in the second quarter.
Bob Clagett, Prince George's chairman and the grandson of the company's founder, will join Southern National's board. Hal Rich, Prince George's president, will remain at Southern National in an executive capacity.
Prince George's "has an excellent core deposit base reflecting its tenure in the communities it serves, and its lending activities have historically been focused on residential mortgages," Southern National said in a press release late Wednesday.
Southern National was advised by FIG Partners and Alston & Bird. Prince George's was advised by Sandler O'Neill and Ober Kaler.
