Southern National Bancorp of Virginia, the holding company for Sonabank, has announced that Sonabank has entered into a definitive agreement to purchase the Warrenton branch office, acquire approximately $26 million in selected loans and to assume approximately $26 million of the deposits from Millennium Bank, NA
Under the agreement, approximately half of the loans are scheduled to be transferred to Sonabank at the end of July. The remaining loans and the deposits will be transferred on September. However, it is subject to regulatory approval.
Georgia Derrico, CEO of Sonabank, said: “For all of us at Sonabank, this represents an important return to our roots. Our predecessor bank, Southern Financial Bancorp, was headquartered in Warrenton. Sonabank’s administrative center is in Warrenton. Sonabank already has a branch in Warrenton but not downtown. This transaction adds an excellent downtown branch to the Sonabank network.”
Jack Novack, CEO of Millennium Bank said: “Millennium is pleased to be able to announce this transaction, which is a continuing part of our efforts to focus on our core Northern Virginia market, and stabilize our capital position.”
