Financial Advisor and Fairness Opinion
Howard Bancorp, Inc.
M&A Advisory
Has Acquired
Transaction Details
- The combined bank will have assets of approximately $2.1 billion with banking operations in Baltimore, Howard, Anne Arundel, Cecil, and Harford Counties
- Transaction Value: $ 163.4 million
- 100% stock consideration
- 1st Mariner shareholders will receive per share stock consideration of 1.6624 Howard shares
- Options and warrants cashed out at $32.50
- Approximately 48% pro forma ownership for 1st Mariner
- Price / TBV: 1.16x
- 1st Mariner’s CEO will become President of Howard Bancorp and Howard Bank; he will also join the Board of Howard Bancorp
- 14 total board members: 8 Howard / 6 1st Mariner
- Expected Closing: Q4 2017
Sources: Company filings, SNL Financial and publicly available information.
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Note: Financial information as of or for the period ended June 30, 2017. Market data as of August 14, 2017.
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