Bay Bank has completed its acquisition of Hopkins Federal Savings Bank, making it the fifth largest community bank in deposit market share headquartered in the Baltimore region. Bay Bank will now have total assets of around $650 million and 12 branches in the Baltimore-Washington corridor.
Bay Bank acquired two branches from Hopkins Federal Savings Bank in the deal. The Pikesville branch will be rebranded with the Bay Bank name immediately while the Hopkins Highlandtown branch will be relocated to the Bay Bank Highlandtown Branch today.
Besides the change in name, the merger will not have an immediate impact on the customer base, Bay Bank officials said. Hopkins will run its operating system until late July when it will be consolidated into Bay Bank’s system.
Alvin Lapidus, chairman of Hopkins Federal Savings Bank, will serve as Bay Bank’s chairman emeritus and help with the transition.
The merger was approved June 2 by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.