Based in Maryland, the US, Hopkins has around $242m in assets as of 30 September this year. It provides commercial banking services to customers located primarily in the Baltimore, Maryland metropolitan area with a branch and offices in Pikesville, Maryland and a branch in Baltimore City.
With $475m worth of assets, Bay Bancorp serves entrepreneurs, private real estate investors and professionals in the greater Baltimore-Washington, D.C. metropolitan area through 11 banking locations.
Upon completion of the deal, Hopkins Bancorp’s subsidiary Hopkins Federal Savings Bank will be merged with and into Bay Bancorp’s Bay Bank, FSB, creating a banking institution with assets of around $700m.
Bay Bancorp president and CEO Joseph J. Thomas said: "We also look forward to engaging Hopkins’ professionals in the mortgage business to enhance the growth of Bay Bank Mortgage.
"This transaction epitomizes our entrepreneurial strategy of growing within our existing markets both organically and through acquisition. It will allow us to continue to enhance the resources we offer to our customers and to improve performance for our shareholders."
Subject to regulatory approval, the deal is expected to be completed in the second quarter of 2016.
Hopkins chairman Alvin M. Lapidus said: "Our merger with Bay, with combined total assets of approximately $700 million, will provide greater capital resources and operational scale that will allow us to grow together with a diverse product mix and allow our team to continue to support the Baltimore community.
"With Bay’s board and executive team having deep roots in the Baltimore community, we know the heritage of Hopkins is in good hands. Bay has an enviable track record for successfully integrating employees in a merger and creating and growing customer relationships."
