Mason Dixon Bancshares said Friday that it plans to acquire Baltimore's Rose Shanis Cos., a family-owned consumer finance company.
Rose Shanis, which has $47 million of loans outstanding, would operate as a wholly owned subsidiary of Westminster-based Mason Dixon, said Mark A. Keidel, the banking company's chief financial officer. Established in 1932, Rose Shanis has 12 branches in Baltimore and elsewhere in Maryland.
Mr. Keidel said the move would help diversify Mason Dixon's income.
Terms of the cash transaction were not disclosed. It is expected to close by late January.