Parents of Bay Bank and Carrollton Bank complete merger

Deal creates institution with assets of about $480 million

April 22, 2013|By Eileen Ambrose, The Baltimore Sun

Jefferson Bancorp Inc., parent of Lutherville-based Bay Bank, said Monday it had completed its acquisition of Carrollton Bancorp, the holding company of Columbia-based Carrollton Bank.

The $25 million stock-cash deal included the repayment of $9.1 million from the Troubled Asset Relief Program, a federal program created more than four years ago to support banks during the financial crisis. The combined bank operations have total assets of about $480 million and a dozen branches.

Under the merged operations, Carrollton's former 10 branches — from Anne Arundel County to Harford County — now bear the name of Bay Bank. However, the name of the holding company remains Carrollton Bancorp and trades under the ticker symbol CRRB. About 84 percent of Carrollton Bancorp is owned by Financial Services Partners Fund, a company that invests in financial institutions.

Jefferson created Bay Bank after purchasing certain assets and assuming the liabilities of Bay National Bank, which was shuttered by regulators in July 2010.

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