Revere Bank announced its record earnings for 2019 financials in a letter to shareholders. The financials indicated strong growth compared to 2018, including a 14.7% increase in net income.
• The previously announced acquisition of Revere Bank by Sandy Spring Bancorp, Inc. is progressing as expected and is slated to close during the first half of 2020.
• Revere Bank entered into a lease agreement for its first branch in Washington, D.C. which is expected to open summer 2020.
• Net income increased 11.4 percent compared to the fourth quarter of 2018..
• Period-end loans grew 17.8 percent or $370.1 million compared to the fourth quarter of 2018 and 3.7 percent or $88.4 million compared to the third quarter of 2019.
• Period-end deposits grew 12.3 percent or $256.4 million compared to the fourth quarter of 2018 and .3 percent or $7.9 million compared to the third quarter of 2019.
Drew Flott, co-president and CEO, said, “We have continued to grow and maintain momentum even with the significant effort required to finalize our transaction with Sandy Spring Bancorp. We are excited about the positive response to the merger from our customers, associates and our market.”
Ken Cook, co-president and CEO, added, "We are pleased to report record annual earnings and loan production. Our continued strong momentum, coupled with a margin we expect to improve in 2020, positions us for a strong first quarter."