Towson-based Bank of Maryland said yesterday that it will sell five branches on Maryland's Eastern Shore to First Virginia Banks Inc. for an undisclosed price.
The branches, which have $87 million in deposits and $59 million in loans, are in Bishopville, Crisfield, Federalsburg, Princess Anne and Salisbury.
The sale would reduce Bank of Maryland's total number of
branches to five from 10 when completed, pending regulatory approval.
David Shumpert, Bank of Maryland's president and chief executive, said management wanted to sell branches that were outside of its main banking area, which is Baltimore, Harford and Anne Arundel counties.
He said money from the sale will be used to open new branches in Baltimore and Annapolis.
Bank of Maryland, a subsidiary of Westminster-based Mason-Dixon Bancshares Inc., has $280 million in assets.
First Virginia, a Falls Church, Va.-based banking company with $9 billion in assets, stands to increase its branches on Maryland and Virginia's Eastern Shore to 23 when the deal is done.
Pub Date: 3/13/98