Patapsco Bancorp Inc., the holding company for Patapsco Bank, said yesterday that it has signed an agreement to acquire Belmar Federal Savings and Loan Association in Baltimore.
Belmar, a one-office mutual company with assets of $18.7 million, will be merged into the Patapsco Bank in Dundalk.
Patapsco Bancorp stock will be offered to qualified members of Belmar at a discount to the market price, said Joseph Bouffard, the holding company's president.
As part of the acquisition, Belmar will convert to a commercial bank, Bouffard said. Belmar has eight employees, and Patapsco has 28.