On February 1, 2018, Congressional Bank announced that it had acquired Alliance Partners.
Congressional Bank (“Congressional”) acquired the operating businesses and a substantial portion of the assets of Alliance Partners (“Alliance”). Alliance will be operated as a subsidiary of Congressional. Don Cole, current CFO of Alliance, has been appointed President and COO of Congressional and CEO of Alliance. Further terms of the transaction were not disclosed.
Congressional is a Bethesda-based commercial bank with over $900 million in assets. Congressional provides several lending and deposit products including healthcare loans, corporate loans, lender financing, and commercial and residential real estate loans.
Alliance is an asset manager, formerly for BancAlliance, which has assets under management of $1.5 billion. Alliance specializes in serving financial institutions.