COLUMBIA, Md., May 31, 2016 (GLOBE NEWSWIRE) -- Bay Bancorp, Inc. (NASDAQ:BYBK), the parent company of Bay Bank, and Hopkins Bancorp, Inc., the parent company of Hopkins Federal Savings Bank, announced today the next step in their merger. The acquisition by Bay Bancorp., Inc. of Hopkins Bancorp., Inc. and Hopkins Federal Savings Bank has been approved by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. The closing of the transaction is subject to various conditions, including approval by the stockholders of Hopkins Bancorp, Inc. Subject to the satisfaction or waiver of those conditions, the parties expect to consummate the transaction no later than July 2016.

At that time, the Baltimore-based Hopkins Federal Savings Bank branches in Highlandtown and Pikesville will be rebranded with the Bay Bank name, although the Highlandtown branch will be consolidated with Bay Bank’s Highlandtown branch on July 25, 2016. After a system conversion in late July, all former Hopkins Federal Savings Bank customers will be able to transact business at any of Bay Bank’s 12 branches. Hopkins Federal Savings Bank business and consumer customers will also benefit from additional services, such as mobile banking and deposits, e-statements, robust online banking capabilities and remote deposit service.

“We’re excited to expand to the Pikesville market as a natural extension of our footprint. Bay Bank is committed to the same level of customer care Hopkins Federal Savings Bank customers are accustomed to, while also offering new products and services to make their banking experience more convenient,” said Bay Bank President and CEO Joseph J. Thomas. “We have established a solid foundation as a premier community bank serving entrepreneurs in the Baltimore Washington corridor, and we look forward to continued growth, both organic and through acquisition.”

Alvin Lapidus, chairman of Hopkins Federal Savings Bank, will serve as Bay Bank’s chairman emeritus, and will help ensure a successful transition and ongoing service to clients. Once the transaction is closed, Bay Bank will have the fifth largest community bank deposit share in the Baltimore region with assets of approximately $650 million. Since its opening in 2010, Bay Bank has successfully acquired three other community banks—Bay National Bank, Carrollton Bank and Slavie Federal Savings Bank.

About Bay Bank

Bay Bank, FSB is headquartered in Columbia, Maryland, and serves the community with a network of 11 branches strategically located throughout the region. Founded in 2010, the bank has quickly developed a strong reputation for its focus on being the bank built by entrepreneurs, for entrepreneurs. The bank’s parent company, Bay Bancorp, Inc., trades on the NASDAQ Capital Market under the ticker symbol “BYBK.”