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Jefferson’s deal for Carrollton Bancorp is part of the PE-backed company’s plan to expand to $1 billion of assets, which CEO Cashen says is a must in today’s world.
April 9
Two Maryland banking companies that announced plans to merge last month need a little more time to work out the specifics of their deal.
Jefferson Bancorp in Lutherville and Carrollton Bancorp in Columbia said in a Securities and Exchange Commission filing Monday that they have extended the deadline for filing regulatory documents with the SEC and bank regulators to no later than 60 days from the date of their April 8 agreement. Initially, they had expected to file the necessary paperwork within 30 days of the deal's announcement.
The companies also said that any decision to call off the deal would be mutual, unless one of the parties violates the terms of the agreement. Under the initial terms of the deal, either party could call off the sale and pay a termination fee.
Jefferson said it
The companies did not say why they had amended the terms of the deal or if the closing, initially scheduled for next quarter, would be delayed.
Carrollton is expected to be merged into Bay Bank when the deal is completed.