Lancaster County bank to acquire Cecil Bancorp for nearly $31 million

Cecil Bancorp is headquartered in Elkton, MD.

Jeffrey S. Stauffer, CEO of ENB stated, “This transaction furthers ENB’s strategic plan of delivering consistent, profitable organic growth while pursuing selective, value-enhancing inorganic growth. We believe that our successful community bank model, refined over decades, will be extremely well received in this tangential market, which offers favorable demographics and has a clear appetite for a relationship-focused bank."

Cecil Bank operates four bank center locations in Cecil County, MD.  Established in 1959, Cecil Bank is a full-service community bank serving businesses, individuals, and community organizations.

As of June 30,  Cecil Bank had approximately total assets of $222 million, total deposits of $192 million, and total loans of $163 million.

Cecil shareholders will receive $1.85 in cash for each share of Cecil common stock that they own as of the closing date, subject to adjustments as provided in the definitive agreement. The transaction is valued at approximately $30.8 million.

The transaction has been unanimously approved by the boards of directors of both companies. It is subject to Cecil stockholder approval, regulatory approvals, and other closing conditions.

The bank company based in the Lancaster, PA area has offices in Lancaster and Berks County. With the Cecil purchase, its office count would increase to 18. The bank is known for its hot air ballon that appears at community events

The combined banks would have a total of about $2.5 billion in assets.

Cecil Bank earlier struggled with issues that included a former president sentenced to prison, loan issues and a Chapter 11 bankruptcy filing. (See related stories).

Cecil Bank emerged with new management that was able to engineer the  nearly $31 million sale.