Bay Bancorp in Columbia, Md., has agreed to buy Hopkins Bancorp in Pikesville, Md.
The $475 million-asset Bay said in a press release Friday that it will pay $23.8 million in cash for the $242 million-asset Hopkins. The deal, which is expected to close in the second quarter, values Hopkins at 105% of its tangible book value.
Bay said it expects the transaction to be immediately accretive to its fully diluted earnings per share.
"Hopkins has a rich legacy in the Baltimore community and a talented group of seasoned bankers," Joseph Thomas, Bay's president and chief executive, said in the release. "We also look forward to engaging Hopkins' professionals in the mortgage business to enhance the growth of Bay Bank Mortgage."
Keefe, Bruyette & Woods and Gordon Feinblatt advised Bay. RP Financial and Ober, Kaler, Grimes & Shriver advised Hopkins.
