MFB Acquisition buying Maryland Financial Bank

MFB Acquisition Corp. agreed to acquire Towson-based Maryland Financial Bank.

Under the terms of the merger agreement, Maryland Financial Bank will be merged into MFB Acquisition, with MFB Acquisition surviving the merger. The surviving entity will be a Maryland-chartered bankers' bank that will operate under Maryland Financial Bank's name and continue Maryland Financial Bank's existing operations.

MFB Acquisition will purchase the outstanding shares of Maryland Financial Bank common stock in exchange for cash. The cash payment will be based on Maryland Financial Bank's tangible common equity as of the end of the month before the effective time of the merger, subject to certain adjustments including the potential resolution of an identified loan participation prior to closing. MFB Acquisition will also acquire...