Cecil Bancorp, Inc Announces Intention To Merge Its Two Subsidiary Banks.Business Editors ELKTON, Md.--(BUSINESS WIRE)--March 13, 2001 Cecil Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BB:CECB CECB Coupon-Eligible Converter Box (National Telecommunications and Information Administration) - news) announced today that an application has been filed to merge its Columbian Bank subsidiary into Cecil Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks . Both Banks are wholly-owned subsidiaries of Cecil Bancorp. The two Columbian branches will operate as a division of Cecil Federal Savings Bank, and Columbian customers will thereby gain the convenience of banking at all five branches of the "new" merged Cecil Federal. Columbian customers will also see a significant increase in the banking services and products available to them including "voice banking" and internet banking (anticipated during the fourth quarter of 2001). Cecil Federal's customers will benefit from the use of Columbian's two branches in Havre de Grace, MD. For Cecil Bancorp, the merger is expected to result in increased efficiency and reduced expenses and provide certain marketing advantages which are not attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. under the current structure. On announcing the merger, Mary Halsey, President and Chief Executive Officer of Cecil Bancorp, stated "This merger represents a continuation of our effort to improve the services offered to our customers by integrating our existing branch network, and is also expected to benefit Cecil Bancorp's net income in future periods. We look forward to offering the services of Cecil Federal to our long-time Columbian Bank customers." Cecil Bancorp is currently the bank holding company for Cecil Federal Savings Bank, operating three branches in Cecil County, Maryland Cecil County is a county located in the U.S. state of Maryland. It is part of the Delaware Valley metropolitan area. It was named for Cæcilius Calvert, 2nd Baron Baltimore (1605-1675), who was the first Proprietary Governor of the colony of Maryland from 1632 until his death in and Columbian Bank, A Federal Savings Bank, operating two branches in Harford County, Maryland Harford County is a county in the U.S. state of Maryland. In 2004, its population was estimated to be 233,340. Its county seat is Bel Air. Harford County forms part of the Baltimore-Washington Metropolitan Area. . Cecil Bancorp, Inc. had consolidated assets of approximately $122 million, consolidated loans of approximately $103 million and consolidated deposits of approximately $96 million, at December 31, 2000. |
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