Hamilton Bancorp acquired by Orrstown Financial Services (BBJ Story)
Recent acquisitions by competitors of Hamilton Bancorp Inc. convinced CEO Robert DeAlmeida it was time to make a deal. The bank said late Tuesday it is in a deal to be acquired by Shippensburg, Pennsylvania-based Orrstown Financial Services Inc. for $58.5 million in cash and stock, pending approval by Hamilton's board and government regulators.
Hamilton Bank had been an acquirer in recent years, buying a couple of smaller banks in 2015 and 2016. Major deals by Howard Bank and Old Line Bank made it difficult for Hamilton to keep up, DeAlmeida said.