Parent of Baltimore County Savings Bank terminates deal

BCSB Bancorp not selling branches to American Bank of Rockville

November 18, 2010|By Hanah Cho, The Baltimore Sun

American Bank of Rockville is no longer buying four branches from BCSB Bancorp Inc., the holding company for Baltimore County Savings Bank.

The termination, which was announced late Wednesday, was a mutual decision and occurred without penalty to either party, the companies said in a statement.

The companies cited longer-than-anticipated regulatory approval process for the termination. The sale, announced in January, involved branches in Catonsville, Owings Mills, Ellicott City and Baltimore City.

"We have reached the point where it is in the best interest of both of our franchises to terminate the agreement and proceed forward," American Bank Chief Executive James Plack and BCSB Bancorp Chief Executive Joseph Bouffard said in a statement.

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