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Bay National Corporation

Parents of Bay Bank and Carrollton Bank complete merger

Parents of Bay Bank and Carrollton Bank complete merger

Jefferson Bancorp Inc., parent of Lutherville-based Bay Bank, said Monday it had completed its acquisition of Carrollton Bancorp, the holding company of Columbia-based Carrollton Bank.

The $25 million stock-cash deal included the repayment of $9.1 million from the Troubled Asset Relief Program, a federal program created more than four years ago to support banks during the financial crisis. The combined bank operations have total assets of about $480 million and a dozen branches.

Under the merged operations, Carrollton's former 10 branches — from Anne Arundel County to Harford County — now bear the name of Bay Bank. However, the name of the holding company remains...

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