Sonabank announced that subsequent to assuming all of the deposits and certain assets of HarVest Bank of Maryland from the FDIC, it has sold substantially all of the non-performing loans from HarVest in a bulk transaction to Garrison Investment Group of New York. Garrison purchased $19 million of non-performing loans which represented 20% of the total loans assumed by Sonabank.

“Garrison’s purchase of the non-performing loans was factored into our winning no-loss share bid. After closing the bulk sale, we can focus on integrating and growing our Maryland franchise,” said Sonabank CEO Georgia Derrico.

Garrison Investment Group is a leading credit and asset-based investor with $3.0 billion of assets under management. The firm invests across a wide range of asset classes including middle market corporate loans, C&I and Consumer loans and commercial real estate.