BALTIMORE -- Altanfed Bancorp Inc. said it signed a letter of intent to acquire Capital Bankshares Inc. Both are based in Baltimore.

Altanfed agreed to pay $13.50 in cash for each of Capital Bankshares' 269,058 outstanding common shares, for an aggregate of about $3.8 million including payments for options. Capital Bankshares' subsidiary, Capital Savings Bank, will be merged into Altanfed's Atlantic Federal Savings Bank.

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