BALTIMORE, Feb. 15, 2017 /PRNewswire/ -- Rosedale Federal Savings & Loan Association and Midstate Community Bank today jointly announced plans to merge Midstate Community Bank with Rosedale Federal. The transaction will expand Rosedale Federal's footprint in the community and complement its contiguous growth, as well as offer Midstate's customers a larger banking network and more convenient banking options.
Under the terms of the agreement, Rosedale Federal will gain approximately $168 million in assets. Pending approval by Midstate's members and the receipt of regulatory approval, the combined institutions create a financial institution with assets just shy of $1 billion. The two banks will operate independently until the third quarter of 2017, at which time the systems will merge and Rosedale Federal will integrate Midstate into the franchise. Until then, Rosedale Federal will be implementing a number of IT enhancements that will carry over to Midstate upon the franchise integration. No branch closings or staff reductions are planned as part of the merger; it is expected that customers will be served by the same employees they have banked with for years.
"This is a very exciting time for us as we look to combine Rosedale Federal Savings & Loan Association and Midstate Community Bank. Like Rosedale Federal, Midstate enjoys a rich legacy in the Baltimore banking community," said Kevin Benson, President and CEO, Rosedale Federal. "Rosedale Federal and Midstate are well aligned as both are profitable mutual savings institutions with strong community ties. We welcome Midstate customers and employees to the Rosedale Federal family."
"With the upcoming retirement of Nancy Gerling and myself, partnering with Rosedale Federal presents a significant opportunity to continue our history of customer service and community involvement. We are proud to partner with an institution that is also aligned with our conservative business model," said N. Alan Anthony, Midstate Community Bank CEO. "We're confident that our customers, our employees, our community and, most importantly, our legacy will be well served by this decision."
Mr. Benson will serve as President and Chief Executive Officer of the combined bank. The Board of Directors of the combined bank will consist of nine directors from Rosedale Federal and two directors from Midstate.
With more than 109 years in business, Rosedale Federal currently has eight branches and looks forward to adding the Towson Midstate branch as its ninth location in fall 2017. For more information on what this means for customers or employees, please call 410.668.4400 extension 380.
About Rosedale Federal
For more than 109 years, Rosedale Federal Savings and Loan Association (Rosedale Federal) has been serving Baltimore City, Baltimore County and Harford County residents with unparalleled personal service and high-quality savings and loan products at competitive rates. Rosedale Federal is a locally run, independent mutual savings and loan institution headquartered in Perry Hall, with eight total locations in Perry Hall, White Marsh, Abingdon, Forest Hill, Bel Air, Rosedale, Overlea and Kenwood. In 2016 the bank donated nearly $350,000 to numerous area organizations and causes. Rosedale Federal continues to be the community bank that treats its customers like neighbors. Visit www.rosedalefederal.com for more information about products, services or locations.
About Midstate Community Bank
Tracing its roots back to 1884, Midstate Community Bank's primary mission has always been to serve the savings and loan needs of the Baltimore Metro region. Since its beginning, exceptional customer service has been the hallmark of its success. The Bank has one branch located in Rodgers Forge near Towson. Being one of the oldest and most firmly established institutions in the area, the bank has built a reputation of conservative soundness that has served it well. Midstate offers a full range of innovative banking products and services for deposits and mortgage lending. Midstate is committed to helping make the communities it serves a better place to live, work and grow. Midstate Community Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and is an Equal Housing Lender. To learn more, please visit www.midstatecb.com.
SOURCE Rosedale Federal Savings & Loan Association