Farmers & Merchants in Maryland to buy neighboring bank
Farmers & Merchants Bancshares in Upperco, Md., has agreed to buy Carroll Bancorp in Sykesville, Md.
The $443 million-asset Farmers & Merchants said in a press release Friday that it will pay $25 million in cash for the $184 million-asset parent of Carroll Community Bank. The deal is expected to close in the second half of 2020.
Both banks are just outside of Baltimore.
Farmers & Merchants said the deal will be immediately accretive to its earnings per share, excluding one-time expenses.
"Our companies share similar vaues and our partnership will reinforce the foundation for an extraordinary community bank," James Bosley Jr., Farmers and Merchants' president and CEO, said in the release.
"We look forward to bolstering our banking presence in existing markets and entering attractive new markets that are a logical extension of our existing footprint," Bosley added.
Olsen Palmer and Gordon Feinblatt advised Farmers & Merchants. Piper Sandler and Luse Gorman advised Carroll Bancorp.