Sterling Financial Corp. in Lancaster, Pa., said Friday that it has a deal to buy Bay Net Financial Inc. in Bel Air, Md., for $23 million in cash and stock.
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The $3 billion-asset Sterling, a five-bank holding company, said it would merge Bay Net, a Harford County institution, into its subsidiary First National Bank of North East in neighboring Cecil County, Md.
Bay Net president and chief executive officer Michael P. Gavin would become the president and CEO of the enlarged subsidiary, which Sterling said is likely to be renamed.
The deal is expected to close in the fourth quarter.
