Carrollton shareholders approve Jefferson Bancorp merger
Shareholders at Carrollton have approved the firm's merger with Jefferson.
Shareholders at Carrollton Bancorp have revealed they have approved a proposed tie-up between the firm and Jefferson Bancorp, paving the way for merger and acquisition consultants to finalise the deal.
At a special meeting on August 23rd, people with holdings in the company gave the green-light to the Agreement and Plan of Merger, which will see Carrollton Bancorp remain as the surviving entity following the transaction.
However, the merger is still subject to the completion of customary closing conditions and the approval of regulators.
Carrollton Bancorp is headquartered in the Columbia district of Maryland and primarily provides financial services to customers in the centre of the US state, while Jefferson Bancorp is Bay Bank's loan and savings holding company.
"We believe the combination of Carrollton Bank and Bay Bank represents a powerful combination of resources to effectively serve the Maryland banking market," Jefferson Bancorp president and chief executive officer Kevin Cashen said.
Posted by Ron Maverick
Source: Joint press release, August 27th