(PRWEB) March 29, 2016
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, “Hamilton”), today announced the receipt of required regulatory approval for the merger with Fraternity Community Bancorp, Inc. (OTC Pink: FRTR) and its subsidiary, Fraternity Federal Savings and Loan Association (collectively “Fraternity”).
At a meeting held on March 22, 2016, Fraternity stockholders voted overwhelmingly to approve the merger with Hamilton. The merger is expected to close on May 13, 2016.
Based on December 31, 2015 financial data, Hamilton will acquire approximately $161 million in assets, $113 million in loans and $112 million in deposits, and will increase its branch network with new locations in the Pigtown community of Baltimore City and Ellicott City, Maryland.
Material terms of the merger and merger agreement were previously included in a current report on Form 8-K filed with the SEC on October 14, 2015.
“We look forward to completion of the merger and welcoming Fraternity customers to our expanded portfolio of products and services, including mobile banking, remote deposit and cash management,” said Robert DeAlmeida, President and CEO of Hamilton. “We are also excited to welcome the Fraternity team who has built lasting relationships with their customers.”
Please direct all media inquiries to Josie Hankey at 410-420-2001 or by email at josie.hankey(at)fallstongroup(dot)com. Please direct investor inquiries for Hamilton Bancorp to Robert DeAlmeida at 410-823-4510. Please direct investor inquiries for Fraternity Community Bancorp to Tom Sterner at 410-539-1313.
About Hamilton Bank
Founded in 1915, Hamilton Bank is a community bank with approximately $368 million in assets and five branch locations across Greater Baltimore, serving the communities of Cockeysville, Pasadena, Towson, Rosedale and Baltimore in Maryland. Hamilton Bank is a community bank dedicated to building lasting relationships with small and middle market businesses in southern Pennsylvania, Maryland, Washington, D.C. and northern Virginia, through mortgages, consumer loans and commercial products. Together Let’s Grow. http://www.hamilton-bank.com.
Member FDIC and Equal Housing Lender
This press release may contain statements relating to the future results of Hamilton Bancorp (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, legislative and regulatory changes that could adversely affect the business in which Hamilton Bancorp, Inc. and Hamilton Bank are engaged, and other factors that may be described in Hamilton Bancorp’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, Hamilton Bancorp assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.