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REVERE BANK ANNOUNCES CLOSING OF $47.1 MILLION STOCK OFFERING

Revere Bank (OTCQX: REVB) announced today the closing of an underwritten public offering of 1,610,000 shares of its common stock, which includes 210,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $29.25 per share, resulting in aggregate gross proceeds of $47.1 million. The net proceeds of the offering, after deducting estimated underwriting discounts and offering expenses, are expected to be approximately $44.1 million.

Revere Bank’s common stock now trades on the OTCQX under the ticker symbol “REVB.”

Sandler O’Neill + Partners, L.P. acted as sole book-running manager and FIG Partners, LLC acted as co-manager for the offering.

About Revere Bank

Revere Bank is a commercial bank incorporated in and chartered by the State of Maryland.  The Bank is regulated by the Federal Deposit Insurance Corporation and the State of Maryland and its deposits are insured by the Federal Deposit Insurance Corporation. The Bank is headquartered in Rockville, Maryland and has eleven banking offices located at:

Rockville/Shady Grove          2101 Gaither Road, Suite 600
Bethesda                                 7700 Old Georgetown Road, Suite 150
Columbia                                6031 University Boulevard, Suite 170
Frederick                                 18 West Patrick Street
Gaithersburg                           820 West Diamond Avenue, Suite 110
Laurel                                      319 Main Street
Bethesda/Maplewood             9707 Old Georgetown Road
Rockville                                 414 Hungerford Drive
Severna Park                           8529 Veterans Highway
Silver Spring                           8602 Colesville Road
Towson                                   502 Washington Avenue, Suite 103

 

Forward Looking Statements

This press release and other statements made from time to time by Revere Bank contain express and implied statements relating to our future financial condition, results of operations, credit quality, corporate objectives, and other financial and business matters, which are considered forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or implied by such forward-looking statements. Risks and uncertainties which could cause our actual results to differ materially and adversely from such forward-looking statements include economic conditions affecting the financial industry; changes in interest rates and shape of the yield curve; credit risk associated with our lending activities; risks relating to our market area, significant real estate collateral and the real estate market; operating, legal and regulatory risk; fiscal and monetary policy; economic, political and competitive forces affecting our business; our ability to identify and address cybersecurity risks; and that management’s analysis of these risks and factors could be incorrect, and/or that the strategies developed to address them could be unsuccessful. Any statements made that are not historical facts should be considered to be forward-looking statements. You should not place undue reliance on any forward-looking statements. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements to no longer be accurate, whether as a result of new information of future events, except as may be required by applicable law or regulation.

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