Bradford Bank and Golden Prague Federal Savings and Loan Association Announce Merger Agreement.BALTIMORE Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. -- Bradford Bradford, city, England Bradford, city (1991 pop. 293,336) and metropolitan district, N central England, on a small tributary of the Aire River. It is a center of the worsted industry, which dates from the Middle Ages. Bank, Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. , and Golden Prague Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , Baltimore, Maryland, jointly announced today that they have signed a definitive agreement under which Golden Prague will merge with and into Bradford Bank. The merger with Golden Prague is the second acquisition of a financial institution announced by Bradford Bank in the past five months. Bradford Bancorp, Inc., the holding company for Bradford Bank, previously announced an agreement to purchase Valley Bancorp, Inc., Hunt Valley, Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , in a cash transaction valued at approximately $9.6 million. The two merger transactions together will increase Bradford Bank's assets from $457.6 million as of September 30, 2006, to approximately $535 million and increase its number of banking offices from six to eight. Dallas R. Arthur, president of Bradford Bank stated, "We are very pleased to announce our agreement with Golden Prague to merge with and into Bradford Bank. During 2006, we have taken steps to increase our franchise through the acquisition of Valley Bancorp, the assumption of deposits from American Bank's Ellicott City Ellicott City, village (1990 pop. 41,396), seat of Howard co., in Baltimore and Howard cos., central Md., on the Patapsco River; settled 1774 as Ellicott Mills, inc. and renamed 1867, reverted to uninc. status 1935. branch and the acquisition of a title company, and the Golden Prague merger is another step in that growth. We look forward to continuing to emphasize the personal service and community banking focus that our and Golden Prague's customers expect and appreciate." "We believe that this transaction is an excellent opportunity for our members, customers and the communities we serve," said Joseph M. Platek, president of Golden Prague. "This transaction will allow us to preserve our community bank atmosphere and the high quality of service provided by our dedicated employees. Moreover, our customers will benefit from access to a greater selection of services." The acquisition is expected to be completed in the second quarter of 2007. The transaction is subject to certain conditions, including the approval of the members of Golden Prague and receipt of regulatory approval by Bradford Bank. Bradford Bank's management team and board of directors will remain intact following the merger. Bradford Bank currently operates six offices in the greater Baltimore metropolitan area Baltimore-Towson, MD MSA is a U.S. Metropolitan Statistical Area (MSA) as defined by the United States Office of Management and Budget (OMB) as of November 2004. It is located in Maryland and had a population of 2,655,675 as of 2005, making it the 19th most populus MSA in the . At September 30, 2006, Bradford Bank had total consolidated assets of $457.6 million and total deposits of $391.9 million. Golden Prague is a mutual savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. . Golden Prague operates two offices in the greater Baltimore metropolitan area. At September 30, 2006, Golden Prague had total assets of $29.3 million and total deposits of $24.4 million. |
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