Howard Bancorp, Inc. and Cecil Bancorp, Inc., Elkton, Md. announced that Howard Bank will purchase the Cecil Bank branch in Aberdeen, Md.
Howard Bank, based in suburban Baltimore, will acquire a minimum of $38 million in loans and $37.9 million in deposits from Cecil Bank.
Mary Ann Scully, Howard Bank’s President and CEO, said of the transaction, “Harford County presents many exciting opportunities and we are presently searching for an additional location in the Bel Air marketplace. We look forward to working with Cecil Bank to welcome these customers to Howard Bank and to continuing their strong commitment to community and tradition of customer service.”
Mary Halsey, Cecil Bank’s CEO, stated, “We are looking forward to seamlessly transition our Aberdeen customer base into their organization. This transaction, which will involve approximately 10% of our deposits, is part of our ongoing strategy to strengthen our capital position as we concentrate on our core markets.” Cecil Bancorp, Inc. has 14 locations in Harford and Cecil Counties, Maryland. As of Dec. 31, 2012, Cecil Bancorp, Inc. had consolidated assets of $440.0 million.