Monument Bank Merges With Revere
Revere Bank, headquartered in Columbia, and Monument Bank, headquartered in Rockville, announced early this month that they have entered into a definitive agreement in which Monument would be merged into Revere, with Revere being the surviving entity.
As of March 31, Monument Bank, which has offices in Bethesda and Silver Spring, had approximately $514 million in assets, $405 million in gross loans and $405 million in deposits. After completion of the merger, the combined institution is expected to have more than $1.7 billion in assets, with 10 branches, making Revere the third-largest bank headquartered and operating in the state of Maryland.
Revere will acquire 100% of the outstanding shares of Monument in exchange for common shares of Revere. The exchange ratio will be fixed at 1.0682 of Revere’s shares for each share of Monument, subject to adjustment based on the performance of a component of Monument’s loan portfolio.
The transaction, which has been approved by the boards of directors of both institutions, is expected to close in the fourth quarter of this year.
College-Bound Tower Federal Credit Union Member Wins Scholarship
Tower Federal Credit Union member Robert Michele, 18, of Glenwood, won a $1,000 scholarship award for his winning essay during the 2016 Credit Union Foundation of Maryland and D.C. Scholarship Awards Program. His winning essay discussed the importance of having a good credit score, and why and how lenders use credit scores to rate the trustworthiness of borrowers. He compared being a member of a credit union to having a good friend you can trust and rely on.
A senior at Glenelg High School, Michele plans to attend Wake Forest University in the fall, where he will be pursuing degrees in mathematics and economics. He hopes to advance his research on cryptocurrency valuation.
Tower’s Vice President of Marketing and eCommerce Dan Balkin presented the check to Robert at Tower’s headquarters in Laurel on May 18. “I was honored to present Robert with the scholarship award and we are pleased to support such a promising student as he pursues his academic interests,” he said. “Robert has an interest in virtual currency, a hot topic in our industry. He was kind enough to share his work in this subject area with me and it was very impressive.”
The foundation awarded 12 $1,000 scholarships in the 2016 competition: 10 essay winners, one video winner and one photo winner. The essay theme this year was “Discuss with your friend what good credit is, ways to start building credit, how your credit union can help and the benefits earned by having good credit.” The video topic was “The importance of financial literacy” and the photo topic was “Service.”
Loyola’s Sellinger School of Business Earns AACSB Reaccreditation
Loyola University Maryland’s Sellinger School of Business and Management received reaccreditation for its business and accounting degree programs by the International Association to Advance Collegiate Schools of Business (AACSB), the longest-serving global accrediting body for business schools.
“Earning and maintaining accreditation from AACSB requires rigorous scholarship, exceptional teaching and strong commitment to meet the organization’s standards of excellence,” said Sellinger Dean Kathleen Getz, Ph.D. “Our faculty and staff make that commitment every day and deliver an incredible business education to our students.”
AACSB accreditation has been earned by fewer than 5% of the world’s business programs. Loyola is among 1.5% of business schools that have earned dual AACSB accreditation for accounting and business administration programs.
Sellinger was included among the nation’s best business schools for graduate specialties in accounting, finance and information systems in the “2017 Best Graduate Schools” rankings from U.S. News & World Report. Additionally, the accounting program earned endorsement from the Institute of Management Accountants, one of the largest associations dedicated to advancing the management accounting profession.