Carrollton Bancorp (CRRB), the parent company for Carrollton Bank, on Monday said it agreed to be merged with Jefferson Bancorp, Inc., the parent company for Bay Bank and FSB.
The subsidiary banks, Bay Bank, FSB and Carrollton Bank will merge in the deal, with Bay Bank, FSB being the surviving entity.
The company noted that the deal is currently valued at about $25 million in stock and cash, representing $15.4 million in consideration to Carrollton shareholders and repayment of $9.1 million in TARP funding to the US Treasury.
Carrollton will be the surviving holding company in the merger and the transaction is structured as a tax-free reorganization.
Kevin Byrnes, Chairman of Bay Bank, said, "It represents the execution of our stated strategy to be opportunistic in our growth through mergers with like minded Maryland community banks."
The transaction, which has been approved by both Carrollton's and Jefferson's boards of directors, is expected to close in the third quarter of 2012. The deal is subject to certain customary conditions, including the approval by Carrollton's shareholders and regulatory approvals.
The new Carrollton Board of Directors will consist of six existing Jefferson directors and three directors from the legacy Carrollton Board.
Carrollton Bank's President and CEO, Robert Altieri, will join the management team of Bay Bank as an Executive Vice President, managing several of the bank's core businesses.
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