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Banking industry

Cecil Federal Savings Bank Acquires Susquehanna Bank's Branches in Elkton

Strategic Insights

— 2 min read

Cecil Federal Savings Bank, a subsidiary of Cecil Bancorp Inc., has reached an agreement with Susquehanna Bank to acquire its two branch offices in Elkton, Maryland. The acquisition represents a significant expansion of Cecil Federal's branch network and is expected to benefit its net income in future periods. The deposits of the acquired branches totaled approximately $23.5 million as of May 31, 1999. The transaction is subject to regulatory approval and is expected to be completed in the Fall of 1999.

Key Takeaways:

  • Cecil Federal Savings Bank has acquired Susquehanna Bank's two branch offices in Elkton, Maryland, marking a significant expansion of its branch network.
  • The acquired branches had deposits totaling approximately $23.5 million as of May 31, 1999.
  • The transaction is subject to regulatory approval and is expected to be completed in the Fall of 1999.
  • The acquisition is expected to benefit Cecil Federal's net income in future periods, as stated by Mary Halsey, President and Chief Executive Officer of Cecil Federal.
  • Cecil Bancorp Inc. is the bank holding company for Cecil Federal Savings Bank and Columbian Bank, which operates two offices in Cecil County, Maryland, and one office in Harford County, Maryland.
  • As of March 31, 1999, Cecil Bancorp Inc. had assets of approximately $101.6 million, consolidated loans of approximately $76.5 million, and consolidated deposits of approximately $87.0 million.

Statistics:

  • Deposits of the acquired branches: $23.5 million (as of May 31, 1999)
  • Assets of Cecil Bancorp Inc.: $101.6 million (as of March 31, 1999)
  • Consolidated loans of Cecil Bancorp Inc.: $76.5 million (as of March 31, 1999)
  • Consolidated deposits of Cecil Bancorp Inc.: $87.0 million (as of March 31, 1999)

Sources:

  • "Cecil Federal Savings Bank, subsidiary of Cecil Bancorp Inc. (NASDAQ BB:CECB), announced today that it had reached agreement with Susquehanna Bank, Baltimore, subsidiary of Susquehanna Bancshares Inc., Lititz, Pa." (Business Wire, June 7, 1999)
  • Mary Halsey, President and Chief Executive Officer of Cecil Federal, stated: "This acquisition represents a continuation of the growth of our existing branch network, and is expected to benefit Cecil Federal's net income in future periods." (Business Wire, June 7, 1999)
  • "Cecil Bancorp is the bank holding company for Cecil Federal Savings Bank, and Columbian Bank, A Federal Savings Bank and currently operates two offices in Cecil County, Md. and one office in Harford County, Md." (Business Wire, June 7, 1999)
  • Cecil Bancorp Inc. had assets of approximately $101.6 million, consolidated loans of approximately $76.5 million, and consolidated deposits of approximately $87.0 million, based on March 31, 1999 financial information. (Business Wire, June 7, 1999)

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