Bay Bancorp in Columbia, Md., has named one of its largest investors, Steven Hovde, to its board.
Hovde, 61, owns about 38% of H Bancorp, the top-tier holding company for Bay Bancorp. H Bancorp owns about 22% of Bay Bancorp, parent of the $463 million-asset Bay Bank in Columbia.
Hovde has joined the boards of both Bay Bancorp and Bay Bank, according to a regulatory filing. Hovde's brother, Eric, is also a director of Bay Bancorp and Bay Bank.
The Hovde brothers formed H Bancorp in 2014 to serve as the corporate vehicle for their investments in both Bay Bancorp and the $952 million-asset Sunwest Bank in Irvine, Calif.
The Hovde brothers are also the co-founders of Hovde Group, which provides investment banking services to the financial-services industry.
Bay Bancorp last month received regulatory approval for its agreement to acquire the $229 million-asset Hopkins Federal Savings Bank in Baltimore. Bay Bancorp expects the deal to close this week, according to a regulatory filing.