FONT-SIZE Plus   Neg

Carrollton Bancorp Agrees To Merge With Jefferson Bancorp - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Microsoft's (MSFT) office assistant Cortana for iOS beta has arrived, but only 2000 people will be able to test the virtual assistant. Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016.
comments powered by Disqus
Follow RTT