Carrollton Bancorp in Lutherville, Md., is changing its name to Bay Bancorp.

The name change, which will be effective Nov. 1, is intended to align the name of the holding company with the name of the bank, the company said Monday. Carrollton was bought by the privately held Jefferson Bancorp in April, and its branches were converted to the Bay Bank brand. Jefferson, which changed its name to Carrollton at the time of the merger, is majority owned by funds controlled by Hovde Private Equity Advisors.

"While operationally the merger is going well, there continues to be some confusion in the market given the significant difference between the name of the holding company and the name of the operating bank," Kevin Cashen, chief executive of the holding company, said in a news release. "To eliminate any confusion, we felt it was appropriate to better align the two names."

The company's ticker symbol on the Nasdaq will change to "BYBK" from its current"CRRB."

The Hovde Group entered the banking industry in 2010 through its purchase of the failed Bay National Bank in Baltimore. A member of the Hovde group joined Carrollton's board earlier this month.

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