F&M Bancorp of Frederick, Md., said Monday that it had signed a letter of intent to acquire Keller-Stonebraker Insurance, a Hagerstown, Md., independent insurance agency in a tax-free stock swap.

The banking company said it plans to execute a definitive agreement for the insurance agency within 30 days. The deal is expected to close in the first quarter.

F&M Bancorp operates the Farmers and Mechanics National Bank. It had assets of $1.045 billion at Sept. 30.

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