MERGERS AND ACQUISITIONS
Greater Atlantic Financial Corp., a Reston savings and loan, agreed to sell two local branches. The price was not disclosed, but Greater Atlantic said it will book a $700,000 gain before tax from the deals. No loans were sold, just the offices and deposits. North Carolina's First Citizens Bank bought the branch in Winchester. Greater Atlantic's downtown Connecticut Avenue branch was sold to a new bank, WashingtonFirst Bank, which was granted banking powers in April by the District. It is the first bank ever chartered by the D.C. government.
MobilePro Corp., a Bethesda telecommunications company, bought Internet service provider Ticon.net of Janesville, Wis. Terms were not disclosed.
Nextel Communications Inc. of Reston said its finance subsidiary, Nextel Finance Co., agreed to a new five-year, $4 billion revolving line of credit. The new line replaces one of the subsidiary's secured-term loans and some other lines of credit totaling $2.6 billion.
Chicago's Jones Lang LaSalle Inc. sold off its last remaining chunk of LaSalle Hotel Properties stock, according to a securities filing. Lasalle Hotel is a Washington-based hotel real estate investment trust that Jones Lang spun off in 2000. Jones Lang was once Lasalle Hotel's largest shareholder, but it has been whittling down its stake for two years.
American Capital Strategies Ltd., a Bethesda business loan and investment company, closed on its offering of 4,425,000 shares of common stock at $28 per share. Gross proceeds from the offering, including the over-allotment to the deal's underwriters, were approximately $123.9 million. American Capital sells stock to invest and make loans to mid-sized businesses. A.G. Edwards & Sons, BB&T Capital Markets, Legg Mason Wood Walker, Piper Jaffray & Co., and RBC Capital Markets underwrote the deal. A.G. Edwards was the book runner.