A small mutual thrift in Maryland has won approval from state and federal regulators to convert to a publicly traded company.

Carroll Community Bank in Sykesville said last week that its newly formed holding company, Carroll Bancorp, intends to sell up to 515,775 shares of its stock at $10 each. Depositors who had accounts at the thrift as of Jan. 31, 2010 would have first dibs on the offering, followed by employees, other depositors and the general public, in that order. The offering is expected to close on Sept. 15.

Founded in 1870, Carroll Community Bank has $95 million of assets and two branches in Carroll County, Md.

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