Revere Bank entered into a definitive agreement to acquire Monument Bank for $65.1 million on May 3, 2016. Revere will acquire all the outstanding shares of Monument in exchange for common shares of Revere. The exchange ratio was fixed at 1.0682 of Revere’s shares for each share of Monument. The total consideration includes the value of outstanding options to acquire Monument common stock. Options to acquire Monument common stock will be converted into options to acquire shares of Revere common stock. The number of options and the exercise price will be adjusted by the exchange ratio. H.L. Ward, Founder and Chief Executive Officer of Monument will join the executive management team of Revere and its Board of Directors. An additional three existing members of the Monument Board of Directors will be invited to join Revere’s Board of Directors. All other current members of the Monument Board will be invited to join Revere’s Montgomery Regional Advisory Board. In addition, Revere will maintain Monument’s Silver Spring Regional Advisory Board. The transaction has been unanimously approved by both Revere’s and Monument’s Boards of Directors. The transaction is subject to regulatory approvals, approval of the shareholders of Revere and Monument and is expected to close in the fourth quarter of 2016. The transaction has been approved by shareholders of both the parties and it has also received all required regulatory approvals. The merger is expected to be significantly accretive to the combined company’s earnings per share in 2017. Ambassador Financial Group, Inc. provided the fairness opinion to Revere Bank. Houlihan Lokey Capital, Inc. acted as financial advisor while Windels Marx Lane & Mittendorf, LLP acted as legal advisor for Revere Bank. Sandler O'Neill + Partners, L.P. acted as financial advisor while Luse Lehman Gorman Pomerenk & Schick acted as legal advisor for Monument Bank. Revere Bank completed the acquisition of Monument Bank on September 30, 2016. Each shareholder of Monument common stock received 1.0814 shares of Revere Bank common stock for each share of Monument common stock held.