OBA Bank Enters Into Agreement to Sell Washington, D.C. Branch to Eagle Bancorp
GERMANTOWN, Md., Sept. 27 /PRNewswire-FirstCall/ -- OBA Financial Services, Inc. (the "Company") (Nasdaq: OBAF), the parent company of OBA Bank, today announced that OBA Bank has entered into a definitive agreement with EagleBank, Bethesda, Maryland, to sell to EagleBank approximately $17.2 million of the deposits of OBA Bank's Washington, D.C. branch at 700 7th Street, NW. EagleBank will operate a branch office at that location. The transaction, subject to regulatory approval, is expected to close in the first quarter of 2011.
Charles Weller, President and CEO of OBA Bank, commented: "OBA Bank is pleased to be able to announce this transaction, which is a continuing part of our efforts to focus on our core Suburban Maryland market. We are confident that EagleBank will continue our long heritage of providing excellent customer service in Washington, D.C."
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, which may be offered only by means of a prospectus.
Forward looking Statements: This press release contains forward looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company's market, interest rates and interest rate policy, competitive factors and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company's past results are not necessarily indicative of future performance.
SOURCE OBA Financial Services, Inc.