Old Line Bancshares, the parent of Old Line Bank, has agreed to acquire Bay Bancorp, the parent of Bay Bank, in a stock deal worth around $128.6m.
As at 30 June 2017, Bay Bancorp had assets of approximately $646m. Old Line Bancshares had around $2bn in assets following the closure of merger with DCB Bancshares on 28 July 2017. Bay Bank had 11 banking locations, while Old Line Bank has 28 banking offices.
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Under the arrangement, Bay Bancorp will be merged with and into Old Line Bancshares, with the latter being the surviving entity, while Bay Bank will merge with and into Old Line Bank.
Old Line Bancshares chairman of the board of directors Craig Clark said: “The combination of Old Line Bank and Bay Bank will create the strongest footprint of any Maryland-based independent commercial bank serving the Baltimore/Washington corridor.
“The combined bank will have assets approaching $3 billion and, with full service banking offices serving Baltimore City and 11 counties, the combined institution will have the second-most banking locations in Maryland of all independent Maryland-based commercial banks.”
The deal is expected to be concluded in the second quarter of 2018, subject to stockholder and regulatory approvals.
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