Cecil Federal Savings Bank Announces Agreement To Acquire Two Branches of Susquehanna Bank.ELKTON Elkton is the name of several places in the United States of America:
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 , subsidiary of 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) ), announced today that it had reached agreement with Susquehanna Bank, 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. , subsidiary of Susquehanna Bancshares Inc., Lititz, Pa., for Cecil Federal to acquire Susquehanna's two branch offices located in Elkton. Under terms of the agreement, Cecil Federal will assume deposits of Susquehanna's two branch offices and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , subject to regulatory approval and certain other conditions. The deposits of these branch offices totaled approximately $23.5 million at May 31, 1999. The transaction is expected to be completed in the Fall of 1999. On announcing this transaction, 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. We look forward to offering the services of Cecil Federal to the customers of these branches, and welcome them to the Cecil Federal Savings Bank family." 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. 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. |
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