Bay Bancorp in Md. Names Steven Hovde to Board

Bay Bancorp in Columbia, Md., has named one of its largest investors, Steven Hovde, to its board.

Hovde, 61, owns about 38% of H Bancorp, the top-tier holding company for Bay Bancorp. H Bancorp owns about 22% of Bay Bancorp, parent of the $463 million-asset Bay Bank in Columbia.

Hovde has joined the boards of both Bay Bancorp and Bay Bank, according to a regulatory filing. Hovde's brother, Eric, is also a director of Bay Bancorp and Bay Bank.

The Hovde brothers formed H Bancorp in 2014 to serve as the corporate vehicle for their investments in both Bay Bancorp and the $952 million-asset Sunwest Bank in Irvine, Calif.

The Hovde brothers are also the co-founders of Hovde Group, which provides investment banking services to the financial-services industry.

Bay Bancorp last month received regulatory approval for its agreement to acquire the $229 million-asset Hopkins Federal Savings Bank in Baltimore. Bay Bancorp expects the deal to close this week, according to a regulatory filing.

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