Maryland's FCNB Corp. announced plans this week to buy First Frederick Financial Corp. for $37 million in stock. Both companies are based in Frederick, 50 miles north of Washington.
First Frederick, parent of First Bank of Frederick, has $123 million of assets and six branches. Its president, Jacob H. Goldstein, would become chief lending officer at FCNB after the deal closes.
"This deal will bring us a much larger lending limit for our commercial customers," Mr. Goldstein said.
FCNB has $1.3 billion of assets and 32 branches in seven Maryland counties, Washington, and northern Virginia. The company said it expects to close some of First Frederick's branches. The deal is to be completed in the third quarter.