Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Carrollton Bancorp Agrees To Merge With Jefferson Bancorp - Quick Facts

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

Quick Facts

Editors Pick
U.S. astronauts once again will travel to and from the International Space Station from the United States on American spacecraft under groundbreaking contracts NASA announced Tuesday. The US space agency unveiled its selection of Boeing and SpaceX to transport U.S. crews to and from the space station using their CST-100 and Crew Dragon spacecraft, respectively. "From day one, the Obama Administra China's central bank is providing stimulus to the country's largest lenders to boost liquidity amid slowing growth, media reports said Wednesday, citing government and banking sources. The People's Bank of China is injecting CNY 500 billion or $81 billion for a three-month period into the top five... Europe's passenger car registrations continued to rise in August, pursuing the upward trend commenced twelve months ago, the European Automobile Manufacturers Association reported Wednesday. Car sales increased 2.1 percent in August and 5.6 percent in July. Overall, 688,464 new cars were registered...
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.