MB Bancorp in Maryland Hires New Chief

MB Bancorp in Forest Hill, Md., has lined up a new chief executive.

The $135 million-asset company said in a press release Friday that Phil Phillips will also become president on Oct. 25. MB said it had "parted ways" with Julia Newton, who had run the company since 2013.

Phillips, who will also join MB's board, previously served as president of Patapsco Bank in Dundalk, Md., which recently sold itself to Howard Bancorp in Ellicott City, Md.

Phillips "has deep lending contacts and experience, which will be a great asset to us as we seek to expand our business in our market," Lawrence Williams, MB's chairman, said in the release.

The company did not immediately return a call for comment.