The branches will subsequently be renamed to operate under the brand name of the acquirer.
Simultaneously, Bay Bank’s parent company, Jefferson Bancorp has completed its integration with the parent company of Carrollton, following approval from the concerned legal and regulatory bodies as well as by shareholders.
As per the terms of the acquisition agreement, the merged holding company will retain the Carrollton Bancorp name and trade on the Nasdaq Capital Market under its existing symbol.
Nearly 84% of the outstanding shares of Carrollton Bancorp will be owned by Financial Services Partners Fund I, as a result of the merger.
Commenting on the merger, Bay Bank chairman Kevin Byrnes said that the combined entity will have the sufficient size and lending capacity to provide a local alternative to the larger regional and national banks.
Bay Bank will continue to operate its operating platform alongside that of the former Carrollton Bank until the two systems are consolidated in early summer this year.
Managing 12 banking branches, Bay Bank, FSB offers on-line services, commercial banking, cash management, mortgage lending, retail banking and wealth management services to a number of customers.
