Bay Bank, FSB, Lutherville, Maryland, Assumes All of the Deposits of Slavie Federal Savings Bank, Bel Air, Maryland — 2014-05-30

Slavie Federal Savings Bank, Bel Air, Maryland, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bay Bank, FSB, Lutherville, Maryland, to assume all of the deposits of Slavie Federal Savings Bank. The two branches of Slavie Federal Savings Bank will reopen as branches of Bay Bank, FSB during their normal business hours. Depositors of Slavie Federal Savings Bank will automatically become depositors of Bay Bank, FSB. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.