Key Developments: Patapsco Bancorp Inc (PATD.OB)


24 Jul 2015
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Latest Key Developments (Source: Significant Developments)

Howard Bancorp Inc and Patapsco Bancorp to merge
Tuesday, 3 Mar 2015 10:01am EST 

Howard Bancorp Inc:Says the company and and Patapsco Bancorp, Inc, jointly announced that they have entered into an agreement to merge.Under the merger agreement, Patapsco will merge into Howard, in a part stock, part cash transaction having an aggregate fixed value of $10.053 million.Patapsco shareholders will receive $5.09 per share in cash (20 pct of total consideration) or shares of Howard common stock (80 pct of total consideration), at their election, subject to an allocation and proration process.Howard can elect to change the stock/cash mix from 80pct/20 pct to up to 50 pct/50 pct at its election, subject to certain conditions.Patapsco has the right to terminate the transaction if Howard's 20 day average closing price is less than $7.20 per share and certain other conditions are met.Transaction is subject to customary conditions, including regulatory and stockholder approval.Merger is expected to close in the third or early in the fourth quarter of 2015 and has been approved by the boards of both institutions.  Full Article

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