Merger Of Two Local Banks Rejected By Shareholders

Both companies will continue as independent businesses.

Middletown, Md (KM)  The proposed merger between Middletown Valley Bank and Woodsboro Bank will not happen. In a news release on its website, Middletown Valley Bank said the combination was not approved by shareholders. That means both banks will remain independent.

“As our shareholders have now determined the direction of the bank for us, our focus will be solely on serving our customers needs by adding value to every interaction with enthusiasm and a sense of commitment,” said C. Richard Miller, Jr., the President and CEO of Woodsboro Bank, in that same statement.

“With the times that the banking industry face, it is important that both organizations continue to focus on serving their respective communities and customers, with the same service levels that have been demonstrated through the last 100 years. We are excited to continue to provide the ‘Absolutely Exceptional Experience’ today and going forward into the future,” said B.J. Goetz, President and CEO of Middletown Valley Bank, also in that same statement.

In order to approve the merger, both banks’ shareholders needed to have voted 67% in favor.

The merger between the two banks was considered an “accelerated path of growth for each institution,” says Middletown Bank. But both banks say they’re confident as they  go forward into the future.

The proposed merger was approved by State of Maryland and the Federal Deposit Insurance Corporation (FDIC).