Carrollton Bancorp (CRRB) said Friday that it has extended the termination date of the merger agreement by and among Carrollton, Jefferson Bancorp, Inc. and Financial Services Partners Fund I, LLC, dated as of April 8, 2012, and amended as of May 7, 2012.
Carrollton, Jefferson and Financial Services Partners Fund entered into the second amendment to the merger agreement on February 28, 2013 to reflect their agreement to extend the termination date. Under the terms of the amendment, the merger agreement can be terminated by Carrollton or Jefferson at any time after either March 15, 2013 or after April 19, 2013, depending on the timing of the receipt of a designated regulatory approval. Previously, the merger agreement could have been terminated by either party at any time after February 28, 2013 if the merger had not been completed on or before that date.
It is a condition to closing under the merger agreement that the acquisition of Carrollton by Financial Services Partners Fund through the merger with Jefferson be approved by the Board of Governors of the Federal Reserve System.
If the required approval of the Federal Reserve Board is not received by March 15, either Jefferson or Carrollton may thereafter terminate the deal at any time. If the Federal Reserve Board Approval is received by March 15, but the merger is not consummated prior to April 19, either Jefferson or Carrollton may thereafter terminate the merger agreement at any time.
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