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Rosedale Federal Savings & Loan Association has successfully completed its acquisition of CBM Bancorp, Inc. (OTCMKTS: CBMB) as of July 7, 2022. CBM Bancorp shareholders will receive $17.75 per share, totaling approximately $64.4 million in cash. This merger expands Rosedale Federal's asset base to about $1.3 billion and enhances its market presence in Maryland. Full systems integration is anticipated by August 29, 2022, ensuring a smooth transition for customers, who will continue utilizing existing services.
On Jan. 28, 2022, Rosedale Federal and CBM Bancorp (OTCMKTS: CBMB) announced a definitive merger agreement. Rosedale will acquire CBM Bancorp for $64.4 million in cash, granting CBMB shareholders $17.75 per share. This strategic move aims to enhance Rosedale's market presence in Maryland, aligning both companies' offerings in mortgage lending and deposits. The merger is expected to close in the first half of 2022, pending regulatory approvals and stockholder consent.
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