BALTIMORE -- Loyola Capital Corp. has a preliminary agreement for a subsidiary to sell its Hagerstown, Md., banking center to a unit of First Financial Corporation of Western Maryland.
First Financial's First Federal Savings Bank of Western Maryland has assets of about $340 million and 11 banking offices in western Maryland. Loyola Federal Savings Bank has about $1.9 billion in assets and 34 banking centers in Maryland and Washington.
Loyola Capital said the sale is part of a plan to concentrate Loyola Federal's banking centers in the Baltimore-Washington and the eastern Maryland shore areas.
Both Loyola Federal and First Federal meet all federal capital standards. The sale, which is subject to various approvals, should be completed this year.