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Carrollton Bancorp
Bay Bank and Carrollton Bank plan to merge

The parent companies of Bay Bank and Carrollton Bank said Monday that they planned to merge in a deal worth nearly $25 million in cash and stock. Jefferson Bancorp Inc., the Lutherville-based owner of Bay Bank, will pay $15.4 million to Carrollton Bancorp shareholders. It will also repay $9.1 million in Troubled Asset Relief Program funding to the U.S. Treasury. Jefferson Bancorp formed Bay Bank after buying the assets and liabilities of Bay National Bank, which failed two years ago and was taken over by regulators. A private equity fund, advised and managed by Hovde Private Equity Advisors LLC, invested $26 million in Jefferson to relaunch Bay Bank in 2010 and will invest $11 million...