According to the Washington Post, "The investors who control Abigail Adams National Bancorp, the parent company of the troubled Adams National Bank, have decided to merge it with a West Virginia bank that they also control in a deal designed to ensure Adams National can weather the financial crisis. Premier Financial Bancorp will buy District-based Abigail Adams for stock valued at $10.9 million, the companies said yesterday. The largest shareholder in both companies is West Virginia businessman Marshall Reynolds, who specializes in buying troubled banks. Adams National is the third local bank to agree to be sold in two months, following the purchase of Chevy Chase by Capital One Financial and the Provident Bank's purchase by M&T Bank. Charlotte-based Wachovia, a dominant local presence, is in the process of being sold to Wells Fargo. The deal means the end of a local bank founded in 1978 as Women's National Bank, an institution mostly owned and run by women that fo
Showing posts with the label Adams National Bank
- Other Apps
According to Washington Post, "The chief executive of District-based Adams National Bank (Woman owned) resigned on the eve of a meeting scheduled for today with federal banking regulators to review the company's financial condition. Jeanne Delaney Hubbard also stepped down as chairwoman and chief executive of the bank's parent company, Abigail Adams National Bancorp. Adams National faces mounting losses on real estate loans and this summer disclosed that it had been classified as "troubled" by its regulator, the Office of the Comptroller of the Currency, subjecting the bank to greater scrutiny. Last week, the Abigail Adams board voted to suspend quarterly dividend payments to shareholders."