Mason-Dixon Bankshares Inc. is selling a branch operated by its subsidiary bank to Sandy Spring Bancorp of Olney and leaving the Washington, D.C., market.
"That market is just something we feel we cannot be effective in," said Thomas K. Ferguson, president and chief executive of Westminster-based Mason-Dixon.
Sandy Spring will get a branch in Bethesda with $20 million in deposits that was owned by Bank of Maryland.
Mason-Dixon, the parent of Carroll County Bank and Trust Co., bought Towson's Bank of Maryland in July 1995.
Ferguson said the deal was signed Tuesday, but he didn't know the sale price.
The sale is "part of our overall strategy to focus the resources that Bank of Maryland has in a more logical geographical area," Ferguson said. "We just didn't see ourselves in that market accomplishing what we want to accomplish."
He said the company will maintain a loan production office near the Bethesda branch.
Bank of Maryland has 10 branches in Annapolis, Pikesville, Towson, Perry Hall and Bel Air, and five branches on the Eastern Shore.
Pub Date: 12/19/96