Rosedale Federal Savings & Loan Association and Midstate Community Bank announced plans Wednesday to merge in the third quarter of 2017.
Under the agreement, which is subject to regulatory approval, Midstate will rebrand under the Rosedale Federal name. The combined organization will have assets of just under $1 billion.
The deal expands Rosedale Federal's footprint and adds $168 million in assets, while giving Midstate a larger banking network.
"Rosedale Federal and Midstate are well aligned as both are profitable mutual savings institutions with strong community ties," Rosedale Federal President and CEO Kevin Benson said in a statement. "We welcome Midstate customers and employees to the Rosedale Federal family."
Benson will serve as president and CEO of the combined bank.
Midstate CEO N. Alan Anthony and Vice President Nancy Gerling are retiring.
"We're confident that our customers, our employees, our community and, most importantly, our legacy will be well served by this decision," Anthony said in a statement.
Rosedale Federal Savings and Loan Association has promoted its chief lending officer to president and CEO.
Kevin Benson will take over July 1 as the Baltimore bank's top administrator. He succeeds Thomas S. Wintz Sr., who is retiring after 43 years with the company.
Benson has worked as chief lending...
Rosedale Federal Savings and Loan Association has promoted its chief lending officer to president and CEO.
Kevin Benson will take over July 1 as the Baltimore bank's top administrator. He succeeds Thomas S. Wintz Sr., who is retiring after 43 years with the company.
Benson has worked as chief lending...
The bank's board will have nine directors from Rosedale Federal and two from Midstate.
The merger is not expected to result in branch closings or layoffs.
Rosedale Federal has eight branches in Baltimore City and Baltimore and Harford counties.
Midstate will add to the network its single location, in Towson.
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