F&M Bancorp of Frederick, Md., said it has signed a letter of intent to buy its second insurance agency through a tax-free stock swap.

Potomac Basin Group Associates Inc. of Beltsville, Md., primarily sells employee benefit plans to midsize businesses in Maryland, Washington, and Northern Virginia, said Faye E. Cannon, F&M Bancorp's president and CEO. "We believe that nontraditional lines of business provide opportunities for us," Ms. Cannon said.

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