A Maryland bank is planning a $5 million initial public offering, while a Massachusetts mutual holding company is looking to take the second step in its conversion to become fully public.

Howard Bancorp Inc. in Ellicott City, Md., said in a prospectus filed late Monday that it will use some of the additional capital from its offering for acquisitions, citing that "pressures" from the economic and regulatory environment will spur industry consolidation and a need for more capital.

Howard was well-capitalized with a total risk-based capital ratio of 14.4% at Sept. 30, but the company said it wanted to continue its expansion efforts and expand lending limits for its bank. Howard Bank, with $321 million in assets, is one of only four banks in Maryland approved for the Treasury Department's Small Business Lending Fund program, the company said. Howard exchanged its Troubled Asset Relief Program funds for nearly $12.6 million in SBLF funds.

Howard did not disclose a price per share or closing date. The company trades over the counter as "HBMD" but plans to trade on the Nasdaq following the IPO.

Separately, Georgetown Bancorp Inc. in Georgetown, Mass., said Tuesday it would reorganize as a new holding company under the same name after it sells its majority ownership in a stock offering.

The $195 million-asset company said that its Georgetown Savings Bank will become part of the new holding company. Common shares will be converted into stock for the new holding company at an exchange ratio to preserve the ownership interests of each shareholder, the company said.

The conversion still requires approval from Georgetown's stockholders and the Federal Reserve Board.

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