An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Rosedale Federal Savings & Loan Association has successfully completed its acquisition of CBM Bancorp, Inc. (OTCMKTS: CBMB) as of July 7, 2022. CBM Bancorp shareholders will receive $17.75 per share, totaling approximately $64.4 million in cash. This merger expands Rosedale Federal's asset base to about $1.3 billion and enhances its market presence in Maryland. Full systems integration is anticipated by August 29, 2022, ensuring a smooth transition for customers, who will continue utilizing existing services.
Positive
Acquisition value of approximately $64.4 million boosts Rosedale Federal's asset size to $1.3 billion.
Expansion of market presence in Maryland aligns with growth strategy.
BALTIMORE--(BUSINESS WIRE)--
Rosedale Federal Savings & Loan Association (“Rosedale Federal”) announced that its acquisition of CBM Bancorp, Inc. (“CBM Bancorp”) (OTCMKTS - “CBMB”) was completed effective July 7, 2022.
Under the terms of the merger agreement, CBM Bancorp stockholders will receive $17.75 in cash for each share of common stock they own, or aggregate merger consideration of approximately of $64.4 million. The merger will result in Rosedale Federal’s asset size growing to approximately $1.3 billion. This transaction expands Rosedale Federal’s footprint in Maryland and complements its ongoing strategy of continuous growth to benefit account holders and drive business goals.
“We are thrilled to announce the completion of this merger and welcome Chesapeake Bank of Maryland into the Rosedale Federal family,” said Kevin M. Benson, President and CEO of Rosedale Federal. “This merger provides us with immediate additional size and scale that will support future growth opportunities.”
Customers should continue to work with their existing branch locations and technology services; full systems integration is expected to be completed on August 29, 2022. Rosedale Federal will communicate with customers throughout this transition, keeping them informed on important dates and information.
Performance Trust Capital Partners, LLC served as financial advisor and Luse Gorman, PC served as legal counsel to Rosedale Federal in this transaction. Piper Sandler & Co. served as financial advisor, and Jones Walker LLP, Washington, DC, served as legal counsel to CBM Bancorp.
About Rosedale Federal
For more than 110 years, Rosedale Federal Savings & Loan Association has been serving Baltimore City, Baltimore County and Harford County residents with unparalleled personal service and high-quality savings and loan products at competitive rates. Rosedale Federal is a locally run, independent mutual savings and loan institution headquartered in Perry Hall, with ten (10) total locations in Overlea, Perry Hall, White Marsh, Abingdon, Forest Hill, Bel Air, Rosedale, Dundalk, Towson, and Timonium. In 2021 the bank donated nearly $270,000 to numerous area organizations and causes. Rosedale Federal continues to be the community bank that treats its customers like neighbors. Visit www.rosedalefederal.com for more information about products, services or locations.
