Carrollton Bank and Bay Bank Are Tying the Knot

Banking on Positive Changes: Carrollton Bank and Bay Bank Merger

Carrollton Bank is excited to announce to our clients and future clients that the closing date for the merger with Bay Bank has been scheduled for April 19th.   Carrollton Bank has received the necessary regulatory approvals from the Office of the Comptroller of Currency (OCC).

Carrollton Bank’s current and future clients can expect the same great service and same great rates.  Carrollton Mortgage Services will be continuing business as usual especially as the housing market ramps up for the summer season.

Carrollton Bank and Bay Bank are coming together to create a new bank that will be in a better position to compete in the market.  The two holding companies will merge under Carrollton Bancorp and the banks will operate as Bay Bank.  The combined 12 branches will be able to serve a broader market.  The merger is a wonderful opportunity for both banks to become the bank of choice for consumers and businesses who want a bank with deep roots in the community.

Carrollton Bancorp will be a well-capitalized institution in good standing with our regulators.  In 2010 Jefferson Bancorp formed Bay Bank after purchasing the failing Bay National Bank.  This merger will pay off $9.1 million in Troubled Asset Relief Program (TARP) funding to the U.S. Treasury and remove both banks from the limitations imposed by this program.  This allows the new bank to better leverage successful services such as Carrollton Mortgage Services.

The new team of over 160 employees will have a broader reach in the community and the deeper management team will continue to build the bank into a top-tier bank in the region.  Carrollton Bancorp will have a strong Board of Directors made up of both Bay and Carrollton directors who are active in the business community in the region.
The Carrollton Bank and Bay Bank merger will combine the strengths of both organizations to provide better service to customers and be the go-to local bank in the community.

Look out for new exciting mortgage products coming soon!

If you have any questions, please call Stuart directly at 410.491.0200.