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Revere Bank completes $31M subordinated debt offering

Laurel, Md.-based Revere Bank completed a $31 million subordinated debtoffering.

The subordinated debt was issued as a 10-year fixed-to-floatstructure maturing in 2026 with a five-year call option. It will have a couponof 5.625% for the first five years floating thereafter at three month LIBORplus 4.409%.

AmbassadorFinancial Group Inc., which provided a fairness opinion to RevereBank in its pending acquisition of Monument Bank, announced the completion of the debtoffering in a press release posted on StreetInsider.com.