Howard Bancorp (HBMD) in Ellicott City, Md., is buying a branch from Cecil Bancorp (CECB) in Elkton, Md.
The $401 million-asset company will also buy $38 million in loans and $37.9 million in deposits from the Aberdeen, Md., branch, the companies said Monday. They expect to complete the sale during the third quarter.
It will be Howard's sixth branch. Cecil, which has $440 million in assets, will have 13 branches after the sale. The sale will reduce Cecil's deposits by about 10%.
"Howard Bank's successful track record of organic growth in the attractive markets of Greater Baltimore … is now complemented by our extension into the Harford County market through the acquisition of the Cecil Bank branch in Aberdeen," Mary Ann Scully, Howard's president and chief executive, said in a news release.