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Howard Bank expands into Harford County

Howard Bancorp Inc., of Ellicott City, and Cecil Bancorp Inc., of Elkton, parent companies of Howard Bank and Cecil Bank, respectively, announced they have completed the sale of Cecil Bank’s branch at 3 W. Bel Air Ave. in Aberdeen to Howard Bank, pursuant to an agreement they entered into in March 2013.

The sale price was not disclosed. Howard Bank acquired $37.1 million in loans and $35.2 million in deposits from Cecil Bank.

Howard Bank had total assets of $414.9 million, and Cecil Bank’s total assets were $429.6 million, according to their last quarterly financial reports.

The Aberdeen branch marks Howard Bank’s entry into Harford County; its other offices are located in Howard and Anne Arundel counties.