Hebron Savings buying Bay National branch

April 19, 2010|By Gus G. Sentementes, The Baltimore Sun

Hebron Savings Bank, a company based on the Eastern Shore, said Monday it would buy the Salisbury branch of Bay National Bank for an undisclosed amount.

Lutherville-based Bay National is selling the branch's $21 million deposit base and about 36 percent of its total loans to Hebron, according to a regulatory filing. The deal, which is subject to regulatory approval, would close by the end of September, the two companies said.

Bay National has been operating under federal oversight since last year as it tries to recover from losses on bad mortgage loans.

gus.sentementes@baltsun.com

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