LUTHERVILLE, Md., April 22, 2013 (GLOBE NEWSWIRE) -- Bay Bank, FSB announced today that it had completed its acquisition through merger of Carrollton Bank. With the merger, Bay Bank acquired 10 branches from Carrollton Bank that are located across the Baltimore metropolitan area and will be rebranded with the new Bay Bank name. At the same time, Bay Bank's parent company, Jefferson Bancorp, Inc. ("Jefferson"), completed its merger with Carrollton Bancorp, parent company of Carrollton Bank. Prior to completing the merger, Jefferson obtained all required legal and regulatory approvals, and the shareholders of Carrollton Bancorp approved the transaction. The merged holding company will retain the Carrollton Bancorp name and trade on the Nasdaq Capital Market under the ticker symbol "CRRB". As a result of the merger, approximately 84% of the outstanding shares of Carrollton Bancorp will be owned by Financial Services Partners Fund I, LLC ("FSPF").
Kevin G. Byrnes, Chairman of Bay Bank, commented, "This is a wonderful transaction for both institutions. It fits into our strategic priority of being a first class community bank as the combined institution will have the sufficient size and lending capacity to provide a local alternative to the larger regional and national banks. We will continue to look for other attractive opportunities in the market that will provide additional economies of scale to operate in the current banking environment."
The customers of each bank will continue to receive the outstanding service they have come to expect from Bay Bank and Carrollton Bank over the years. The merger is expected to have no immediate impact on the customer base other than the change in the name of the former Carrollton Bank branches. Bay Bank will continue to run its operating platform alongside that of the former Carrollton Bank until early summer when the two systems will be consolidated. With this consolidation, Bay Bank is expected to introduce a number of new products and services that will help to better serve the customer base.
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