MNC Agrees to Acquire Equitable Bancorporation

MNC Financial Inc., a leading regional banking firm based in Baltimore, announced Wednesday that it has agreed to acquire Equitable Bancorporation of Baltimore in a tax-free stock swap valued at about $583 million.

The combined firm would have assets of more than $23 billion and would rank as the nation’s 24th-largest bank holding company, MNC said in a statement.

Directors of both companies approved the merger Tuesday, the company said.