Bethesda, Md.-based Congressional Bank completed its acquisition of the operating businesses and a substantial portion of Alliance Partners' assets.
Alliance, the asset manager for BancAlliance, will operate as a unit of Congressional Bank.
As of Dec. 31, 2017, Congressional Bank had more than $900 million in assets and more than $100 million in capital. Alliance, on the other hand, have more than $1.5 billion in total assets under management.
Jeff Lipson retained his position as CEO of Congressional Bank and parent Congressional Bancshares Inc., while Alliance CEO Brian Graham was appointed to Congressional Bank's board. Meanwhile, CFO Don Cole was promoted to CEO of Alliance, as well as president, COO and director of both Congressional Bank and its parent. Lori Bettinger will remain president of BancAlliance.
Arent Fox LLP and Squire Patton Boggs have acted as legal counsel for Congressional Bank. For Alliance Partners, it was Morgan Lewis, while Sandler O'Neill & Partners LP served as its financial adviser.
