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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.