Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Carrollton Bancorp Agrees To Merge With Jefferson Bancorp - Quick Facts

4/9/2012 7:24 AM ET

Carrollton Bancorp (CRRB: Quote), 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.

Register
To receive FREE breaking news email alerts for Carrollton Bancorp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.