Delmarva Bancshares, Inc. (“Company”), parent company of 1880 Bank (collectively with the Company, “Delmarva”) announced today the signing of a definitive merger agreement under which Delmarva will acquire Easton Bancorp, Inc. (“Easton”), the parent company of Easton Bank & Trust Company, for $8 million in cash. Delmarva expects this transaction to be completed late in the third quarter of 2015 or the fourth quarter of 2015, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Easton.
Easton, headquartered in Easton, Maryland, operates three branches located in Talbot County and the Eastern Shore Region of Maryland. As of December 31, 2014, Easton had assets of $133 million, gross loans of $104 million, and deposits of $112 million. Upon completion of the acquisition, Easton Bank & Trust will be merged into 1880 Bank. The combined organization, under the 1880 Bank name, will have approximately $350 million in assets and will create a stronger community bank poised for future growth along the Delmarva Peninsula.
“We are excited about the opportunity to dramatically expand our presence in the markets of Talbot County. Easton is headquartered 15 miles north of Cambridge and it’s a natural extension of our current branch footprint. It is a combination of two well known and like minded banks in very attractive contiguous markets creating a strong, community focused financial institution,” said Kim Liddell, Chairman and CEO of Delmarva. “Together, we will offer clients a much higher borrowing capacity, more branch locations, and the hometown service customers enjoy.”