BALTIMORE -- Baltimore Bancorp would consider an acquisition offer equal to 1.25 to 1.65 times the company's book value, chairman Edwin Hale Sr. said at the annual shareholders' meeting on Wednesday.

"The bank is for sale if a legitimate company comes in to acquire us," Mr. Hale said. "But we are not going to be bottom-fished." Baltimore Bancorp's book value was $138 million at March 31. That means the company, which has $2.4 billion in assets, would consider an offer between $173 million and $228 million.

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