The parent of Community Bank of the Chesapeake will merge with County First Bank in a deal worth at least $34.3 million.
Waldorf-based The Community Financial Corp. will acquire La Plata-based County First Bank in a cash and stock deal approved unanimously by the boards of both companies.
When the merger finishes, County First Bank shareholders will be entitled to receive 0.9543 shares of The Community Financial Corp. common stock and $1 in cash for each share of County First Bank common stock they hold. County First shareholders may also get, additional payments of up to $2.15 million based upon certain things happening prior to closing.
When the deal is done, Community Bank of the Chesapeake will have about $1.6 billion in assets.
The transaction is expected to close in the fourth quarter of 2017 or early in the first quarter of 2018.