Rosedale Federal Savings and Loan Association has acquired CBM Bancorp, Inc. Completed the merger with

BALTIMORE–(BUSINESS WIRE)–The Rosedale Federal Savings and Loan Association (“Rosedale Federal”) announces that CBM Bancorp, Inc. (“CBM Bancorp”) (OTCMKTS – “CBMB”) became effective 7 July. 2022.

Under the terms of the merger agreement, CBM Bancorp shareholders will receive $17.75 in cash, or a total merger consideration of approximately $64.4 million, for each share of common stock owned by them. The asset size of Rosedale Federal would increase to approximately $1.3 billion as a result of the merger. This transaction expands Rosedale Federal’s footprint in Maryland and complements its ongoing strategy of continued growth to benefit account holders and achieve business goals.

“We are thrilled to announce the completion of this merger and welcome Chesapeake Bank of Maryland to the Rosedale Federal family,” said Kevin M. Benson, President and CEO of Rosedale Federal. “This merger gives us immediate additional size and scale that will support future growth opportunities.”

Customers must continue to operate with their existing branch locations and technology services; Full system integration is expected to be completed on August 29, 2022. Rosedale Federal will communicate with customers throughout this transition, keeping them informed of important dates and information.

Performance Trust Capital Partners, LLC acted as financial advisor and Lewis Gorman, PC acted as legal advisor to Rosedale Federal in this transaction. Piper Sandler & Company served as financial advisor, and Jones Walker LLP, Washington, DC served as legal advisor to CBM Bancorp.

About Rosedale Federal

For more than 110 years, Rosedale Federal Savings and Loan Association has been serving residents of Baltimore City, Baltimore County and Harford County with unparalleled personalized service and high quality savings and loan products at competitive rates. Rosedale Federal is a locally operated, independent mutual savings and loan institution headquartered in Perry Hall, with a total of ten in Overly, Perry Hall, White Marsh, Abingdon, Forest Hill, Bel Air, Rosedale, Dundalk, Towson and Timonium. (10) are places. , In 2021 the bank donated approximately $270,000 to several regional organizations and causes. Rosedale Federal remains a community bank that treats its customers like neighbors. For more information about products, services or locations, visit www.rosedalefederal.com.

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