The merger of Jefferson Bancorp Inc., of Lutherville, parent of Bay Bank FSB, and Carrollton Bancorp Inc., of Baltimore, parent of Carrollton Bank, has been completed, the two institutions announced on Monday.
First announced in April 2012, the merger, valued at about $25 million, involved Bay Bank acquiring from Carrollton Bank 10 branches located across the Baltimore metropolitan area. The branches are to be rebranded with the Bay Bank name.
The merged holding company will retain the Carrollton Bancorp name and trade on the Nasdaq Capital Market under the symbol CRRB. The combined bank has total assets of approximately $480 million.