SOURCE: Fulton Financial Corporation

August 13, 2007 10:11 ET

Resource Bank and Monarch Bank Announce End to Litigation

VIRGINIA BEACH, VA--(Marketwire - August 13, 2007) - Resource Bank, a wholly owned subsidiary of Fulton Financial Corporation, Lancaster, PA (NASDAQ: FULT) and Monarch Bank, a division of Monarch Financial Holdings, Inc. (NASDAQ: MNRK), have entered into a purchase agreement for mortgage-related assets, including an office in Maryland. Both banks and all individuals involved in the pending litigation have also reached a settlement in order to avoid further expense, inconvenience and delay, and to dispose of expensive, burdensome and protracted litigation related to the recent hiring of mortgage personnel and compensation owed.

Ted Grell, president and CEO of Resource Bank, stated, "We are pleased to work out this agreement. Resource Bank remains committed to the mortgage business and we look forward to growing that line of business."

William F. "Tree" Roundtree, Jr., president and CEO of Monarch Bank, stated, "We're happy to have been able to resolve this matter outside of the courtroom, and to enter into the purchase agreement with Resource Bank."

Contact Information

  • Contact:
    Debra Dyckman
    Office: 757-431-2424