Hamilton Federal Bank, a Maryland-based federal savings bank, has signed a purchase and assumption agreement with K Bank, a Maryland-based chartered commercial bank, to purchase the latter’s branch in Pasadena, Maryland.
Reportedly, Hamilton Federal Bank will assume certain deposits, fixed assets, and certain loans of the Pasadena branch. Moreover, Hamilton has also agreed to retain the branch employees with this acquisition. However, the acquisition is subject to normal regulatory and other customary closing conditions and expected to close in the fourth quarter of 2009.
Robert DeAlmeida, president and CEO, Hamilton Federal Bank, said: “We are pleased to be expanding our branch network and service area to Pasadena and Anne Arundel County. This branch purchase is part of our plan to strategically enhance our market presence in the Baltimore metro area and grow our retail and small business customer base. We are delighted to welcome the customers and employees of the K Bank Pasadena branch to the Hamilton family, and look forward to providing them outstanding customer service and an easy, convenient transition to our suite of products and services.”
