Maryland bank's name change reflects M&A aspirations
Delmar Bancorp in Salisbury, Md., is set to become Partners Bancorp.
The $1.5 billion-asset parent of the Bank of Delmarva and Virginia Partners Bank said the plan reflects the need for a new name as it focuses more on buying other community banks in the mid-Atlantic region.
Acquired banks “will keep their names, charters, and management in order to deliver the best of community banking, while benefiting from the strength of a larger, multi-bank holding company,” CEO Lloyd Harrison III said in a press release Tuesday. “Renaming the company to Partners Bancorp describes our shared culture and our strategic model best.”
The company bought Virginia Partners last year.
Other community banks have recently changed their names.
In July, Provident Bank in Amesbury, Mass., rebranded as BankProv. The $1 billion-asset bank said the change reflected its focus on technology. It also said it encountered market confusion when competing in niche markets as it expanded nationally.
Additionally, the former People's Utah Bancorp in American Fork changed its name to Altabancorp in late June. The $2.5 billion-asset company previously rebranded its three banks — Bank of American Fork, Lewiston State Bank and People’s Town and Country Bank — as Altabank.