Kevin Cashen, has resigned as Bay Bancorp's president and chief executive just weeks after the Lutherville, Md., company posted a $942,000 third-quarter loss.
The $480 million-asset company said Cashen's resignation was effective on Dec. 5. Cashen had joined Bay Bancorp in July 2010. Joseph Thomas, Bay Bancorp's chairman and president of H Bancorp, succeeded Cashen.
Bay Bancorp will pay Cashen a severance of $295,000, plus additional considerations for unused vacation days and unpaid base salary through the rest of this year.
Bay Bancorp in May bought $117 million of assets and all the deposits from the failed Slavie Federal Savings Bank in Bel Air, Md.
Bay Bancorp's quarterly loss was partly a result of $600,000 in additional merger and integration costs associated with the Slavie deal, along with $1.1 million in costs tied to equity awards given to executives and directors.