Holding Company Forms

March 11, 1992

WESTMINSTER — Carroll County Bank and Trust Co. has received approval from the Federal Reserve Board to form its new holding company, to be known as Mason-Dixon Bancshares Inc.

Bank president and chief executive officer Thomas K. Ferguson said the bank will operate as a wholly owned subsidiary of the holding company, and its board of directors also willserve Mason-Dixon Bancshares Inc.

The bank will continue to operate as usual, he said. The holding company was formed to maintain local ownership of the bank, provide greater flexibility in planning for future capital requirements and inacquisitions of related businesses, and to pursue bank-related activities the bank is not now permitted to do.

The directors also declared a 22-cent dividend, payable March 16, to shareholders of record as of March 9.

The bank's total assets were $451,595,039 on Dec. 31, 1991, with deposits of $361 million and $223.3 million in loans outstanding. Net income for 1991 was $4,271,426, or $2.81 per share, a 14.3 percent increase over 1990.

Information: 857-3450.

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