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Carroll Community Bank News

January 2012

Carroll Bancorp, Inc. Announces Fourth Quarter and Year-End Results

SYKESVILLE, MD – January 26, 2012 – Carroll Bancorp, Inc. (OTCBB: CROL), the parent company of Carroll Community Bank (the “Bank”), today announced results of operations for the fourth quarter and the year ending December 31, 2011.  The net loss for the three months ended December 31, 2011 was $53,000 compared to $143,000 for the three months ended December 31, 2010.  The decrease in the net loss was the result of provision for loan losses decreasing by $141,000, or 56%, to $111,000 compared to $252,000 for the three month period ended December 31, 2010 and net interest income increased by $88,000, or 15%, to $684,000 compared to $596,000 for the three month period ended December 31, 2010.  These items were offset by gains on the sale of securities available for sale decreasing by $20,000, or 28%, to $52,000 compared to $72,000 for the three month period ending December 31, 2010 and write-downs on other real estate owned (“OREO”) increasing by $25,000 to $38,000 compared to $13,000 during the three months ended December 31, 2011. 

Net income for the twelve month period ending December 31, 2011 was $20,000 compared to a net loss of $136,000 for the twelve months ending December 31, 2010.  The increase in net income of $156,000, or 115%, was the result of lower interest expense due to the decline in cost of funds on deposits and lower loan loss provision expense, partially offset by a higher level of noninterest expenses relating to OREO properties, salary and benefits, premises and equipment and data processing. 

The Bank’s cost of funds decreased to 1.25% and 1.39%, respectively, for the three and twelve months ended December 31, 2011 compared to 1.70% and 1.80%, respectively, for the three and twelve months ended December 31, 2010.  The net interest margin improved to 3.05% and 2.98%, respectively, for the three and twelve months ending December 31, 2011 compared to 2.59% and 2.55%, respectively, for the three and twelve months ending December 31, 2010.

The provision for loan loss was $153,000 for the twelve months ended December 31, 2011 compared to $378,000 for the twelve months ended December 31, 2010, a decrease of $225,000, or 60%.   Nonperforming loans decreased by $2.3 million, or 78%, to $639,000 from $2.9 million while total nonperforming assets decreased by $694,000, or 22%, to $2.4 million from $3.1 million.  The ratio of nonperforming loans to total loans was 1.00% and 4.73%, respectively, at December 31, 2011 and 2010 and the ratio of total nonperforming assets to total assets was 2.51% and 3.25%, respectively, at December 31, 2011 and 2010.  In addition, our loans past due 30-89 days decreased by $856,000, or 72%, to $327,000 at December 31, 2011compared to $1.2 million at December 31, 2010.  Loans 90 days or more past due are considered nonperforming loans.

“The positive trend in our 2011 quarterly and year to date earnings and performance ratios demonstrate our continuing efforts to reduce the amount of problem assets and our ongoing efforts to improve the mix of our loan and deposit base.  The improved deposit mix has reduced the Bank’s overall cost of funds and has resulted in an improved net interest margin on a quarterly and year to date basis.  During this period the Bank’s core profitability has improved due to our focus on commercial lending to improve the asset mix and the Bank’s ongoing efforts to implement its strategic plan” stated Russell Grimes, President and CEO.

Carroll Bancorp, Inc. closed its initial public offering to depositors and investors in a subscription and community offering on October 12, 2011, raising approximately $3.6 million in capital.  Carroll Bancorp, Inc.’s common stock trades on the OTC Bulletin Board (www.otcbb.com) under the symbol “CROL.”  For more information, visit our website at www.carrollcobank.com or contact Russell Grimes, President & CEO at 410-795-1900.

About Carroll Bancorp, Inc. and Carroll Community Bank

Carroll Bancorp, Inc. is the holding company of Carroll Community Bank.  Carroll Community Bank, originally founded in 1870, is a state-chartered commercial bank with branch offices in the Eldersburg and Westminster of Carroll County, Maryland.  Carroll Community Bank operates as a community-oriented institution, offering a variety of loan and deposit products and serving the financial needs of its local community.

Forward-Looking Statements: The statement in this release regarding improving asset mix is a forward-looking statement within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statement is based on our current beliefs and expectations and is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control.  In addition, such forward-looking statement is subject to assumptions with respect to future business strategies and decisions that are subject to change.  Potential risks and uncertainties include, but are not limited to, further deterioration in general economic conditions in our market areas, the impact of new governmental regulations, and unexpected changes in interest rates, deposit flows and loan demand, as well as other risks and uncertainties, as described in Carroll Bancorp, Inc.’s Registration Statement on Form S-1, as amended, as filed with the Securities and Exchange Commission (File No. 333-172770).  We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.

December 2011

CARROLL COMMUNITY BANK ANNOUNCES PROMOTION OF GEORGE PECK SENIOR VICE PRESIDENT, CHIEF LENDING OFFICER

Carroll Community Bank recently announced that George Peck has been promoted to Senior Vice President, Chief Lending Officer at Carroll Community Bank.

 A resident of Carroll County, Peck brings more than twenty years of experience in the banking industry for both small and large financial institutions, working primarily with business customers.

“George has outstanding knowledge of commercial and small business lending.  His strong business development efforts, coupled with the commitment to his customers and the local community have positioned him to lead our commercial lending efforts at the bank”, said Russell J. Grimes, CEO of Carroll Community Bank.

A graduate of McDaniel College, Peck received his Bachelor of Arts degree in Business Administration and Economics, and received his MBA in Finance from Mount St. Mary’s College. He is a member of the Rotary Club of Westminster, and the Trust Investment Committee chair for Grace United Church of Christ of Taneytown.   

Carroll Bancorp, Inc., the holding company for Carroll Community Bank, closed its initial public offering to depositors and investors in a subscription and community offering on October 12, 2011.  The offering raised approximately $3.6 million in capital.  Carroll Bancorp, Inc.’s common stock trades on the OTC Bulletin Board (www.otcbb.com) under the symbol “CROL.”  For more information, visit our website at www.carrollcobank.com or contact Russell Grimes, President & CEO at 410-795-1900.

About Carroll Community Bank

Carroll Community Bank is a state-chartered commercial bank located in the Eldersburg area of Carroll County, Maryland and was originally founded in 1870.  Carroll Community Bank operates as a community-oriented financial institution, offering a variety of loan and deposit products and serving the financial needs of its local community.

October 2011

Contact: Russell J. Grimes

President and Chief Executive Officer

(410) 795-1900

Carroll Bancorp, Inc. Announces Third Quarter Results

SYKESVILLE, MD – October 25, 2011 – Carroll Bancorp, Inc. (OTCBB: CROL), the parent company of Carroll Community Bank (the “Bank”), today announced results of operations for the third quarter and the nine month period ending September 30, 2011.  Net income for the three months ended September 30, 2011 was $28,000 compared to $66,000 for the three months ended September 30, 2010.  Net income for the three month period ended September 30, 2011 included gains on sales of securities available for sale of $98,000.  We sold these securities to help offset Other Real Estate Owned (“OREO”) write-downs and higher loan loss provision expense for recent loan originations during the quarter.  By contrast, the three month period ended September 30, 2010 included gains on sales of securities available for sale of $84,000, which were sold to mitigate prepayment risk in the mortgage backed-securities portfolio resulting from current market conditions.  This resulted in higher net income for the three month period ending September 30, 2010.

Net income for the nine month period ending September 30, 2011 was $73,000 compared to net income of $7,000 for the nine months ending September 30, 2010.  The increase in net income for the nine month period is the result of lower interest expense due to lower cost of funds on deposits and lower loan loss provision expense, partially offset by a higher level of noninterest expenses relating to OREO.  The Bank’s cost of funds decreased to 1.43% and the net interest margin improved to 2.95% for the nine months ending September 30, 2011 compared to 1.83% and 2.53%, respectively, for the nine months ending September 30, 2010.

“The positive trend in our 2011 quarterly and year to date earnings demonstrate our continued efforts to reduce the amount of problem assets and our ongoing efforts to improve the mix of our deposit base.  Nonperforming loans decreased by $1.7 million, or 77.6%, and nonperforming assets decreased by $1.0 million, or 32.2%, since September 30, 2010.  The improved deposit mix has reduced the Bank’s overall cost of funds and has resulted in an improved net interest margin.  During this period the Bank’s profitability has improved and the Bank continues to focus on implementing its strategic plan” stated Russell Grimes, President and CEO.

Carroll Bancorp, Inc. closed its initial public offering to depositors and investors in a subscription and community offering on October 12, 2011, raising approximately $3.6 million in capital.  Carroll Bancorp, Inc.’s common stock trades on the OTC Bulletin Board (www.otcbb.com) under the symbol “CROL.”  For more information, visit our website at www.carrollcobank.com or contact Russell Grimes, President & CEO at 410-795-1900.

About Carroll Community Bank

Carroll Community Bank currently is a state-chartered commercial bank located in the Eldersburg area of Carroll County, Maryland and was originally founded in 1870.  Carroll Community Bank operates as a community-oriented institution, offering a variety of loan and deposit products and serving the financial needs of its local community.

CARROLL BANCORP, INC. AND CARROLL COMMUNITY BANK TO COMPLETE CONVERSION AND OFFERING

October 11, 2011 – Carroll Bancorp, Inc. has announced that it has received all necessary regulatory approvals to complete the conversion of Carroll Community Bank from a mutual savings bank to a Maryland chartered commercial bank, acquire all of the stock of Carroll Community Bank, and complete Carroll Bancorp, Inc.’s initial public offering.  The conversion and related offering (the “Transactions”) are expected to be completed on October 12, 2011, subject to the satisfaction of customary closing conditions.

In connection with the transactions, shares of Carroll Bancorp, Inc. common stock were sold to depositors of Carroll Community Bank and to other investors in subscription and community offerings. A total of 359,456 shares of common stock were sold at a purchase price of $10.00 per share, including 21,567 shares of common stock sold to the Carroll Community Bank employee stock ownership plan.

Stock certificates for shares of common stock will be mailed to investors on or about October 12, 2011. The shares of common stock are expected to begin trading on the OTC Bulletin Board under the trading symbol “CROL” on October 13, 2011.

Stifel, Nicolaus & Company, Incorporated served as financial advisor and marketing agent with respect to the offering. The Baltimore law firm of Ober, Kaler, Grimes & Shriver, a Professional Corporation, served as special counsel to Carroll Bancorp, Inc. and Carroll Community Bank in connection with the conversion and offering.  The Washington D.C.based law firm of Elias, Matz, Tiernan & Herrick L.L.P., served as special counsel to Stifel, Nicolaus & Company, Incorporated in connection with the conversion and offering.

“On behalf of the Board of Directors and Senior Management, we would like to thank our depositors and the community for their confidence in our organization and support in our successful capital offering.  The conversion of the Bank from a mutual to stock institution represents another milestone in our history.  This additional capital will put us in a stronger competitive position in our market and allow us to continue implementing our strategic business plan,” stated Russell J. Grimes, President and Chief Executive Officer.

Upon completing the conversion, Carroll Bancorp, Inc. will be a holding company for Carroll Community Bank.  Carroll Community Bank currently is a state-chartered savings bank located in the Eldersburg area of Carroll County,Maryland and was originally founded in 1870.  Carroll Community Bank operates as a community-oriented institution, offering a variety of loan and deposit products and serving the other financial needs of its local community.

The statements in this release with respect to the expected completion of the conversion and offering and implementing our strategic business plan constitute “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to various factors that could cause actual results to differ materially from those set forth herein. These factors include, but are not limited to, general economic and market conditions, legislative and regulatory conditions, changes in interest rates that affect Carroll Community Bank’s interest rate spread, changes in deposit flows, loan demand or real estate values and other economic, governmental, competitive, regulatory and technological factors that may affect Carroll Bancorp, Inc.’s and Carroll Community Bank’s operations.

Contact:          Russell J. Grimes

                        President and Chief Executive Officer

                        (410) 795-1900

September 2011

BRENDA FISHER JOINS CARROLL COMMUNITY BANK’S RETAIL BANKING DIVISION

Carroll Community Bank announced today that Brenda Fisher has joined the Bank’s Retail Banking division as Vice President in charge of Retail Business Development and Branch Administration.  Prior to joining Carroll Community Bank, Ms. Fisher held several positions at New Windsor State Bank for eight years and Reisterstown Federal (subsequently Susquehanna Bank) for over twenty two years.  A Westminster resident, Ms. Fisher brings 30 years of banking experience to her new role.  She attended West Liberty State College and is very active and involved with many local organizations in CarrollCounty.

“We are ecstatic to have Brenda Fisher as part of our growing team of banking professionals. Her experience in community banking, strong familiarity with the local community and her commitment to serving the needs of our community make her decision to join our team a win-win for our organization”, said Russell J. Grimes, President/CEO of Carroll Community Bank.

Carroll Community Bank, formerly known as Sykesville Federal Savings Association, has served CarrollCountyand the central Maryland community since 1870. Carroll Community Bank offers a diverse selection of checking, savings and loan products for both personal and business banking. The Bank currently operates two branches, located in Eldersburg and Westminster, Md. For more information, please visit www.carrollcobank.com.

CARROLL BANCORP, INC. OFFERING PERIOD ENDS AND CARROLL COMMUNITY BANK RECEIVES MEMBER APPROVAL OF THE PLAN OF CONVERSION

Sykesville, Maryland – September 26, 2011 –

Contact: Russell J. Grimes

President and Chief Executive Officer

(410) 795-1900

Carroll Bancorp, Inc. announced today that its offering of common stock conducted pursuant to the plan of conversion for Carroll Community Bank has expired.  Shares of common stock were offered to eligible depositors and borrowers of Carroll Community Bank and to members of the public in the subscription and community offerings, respectively. Carroll Bancorp, Inc. received subscriptions for an aggregate of approximately $3.6 million in the offering, including shares of common stock subscribed for by the Carroll Community Bank employee stock ownership plan.

In addition, at a special meeting held on September 21, 2011, the members (depositors and borrowers) of Carroll Community Bank approved the plan of conversion pursuant to which Carroll Community Bank will convert from a state-chartered mutual (meaning no stockholders) savings bank to a state-chartered commercial bank, a stock form of organization, and Carroll Bancorp, Inc. will become the holding company for Carroll Community Bank.

The conversion and offering are expected to be consummated in October 2011, subject to final regulatory approvals and the satisfaction of customary closing conditions.

Carroll Community Bank is a Maryland state-chartered savings bank headquartered in Sykesville, Maryland that was originally founded in 1870. Carroll Community Bank provides financial services to individuals, families and businesses through its two full service banking offices located in Carroll County, Maryland.

The statement in this release regarding the expected consummation of the offering and conversion constitutes a “forward looking statement” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, receipt of required regulatory approvals, general economic and market conditions, legislative and regulatory conditions, and other economic, governmental, competitive, regulatory and technological factors that may affect Carroll Bancorp, Inc.’s and Carroll Community Bank’s operations.

This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. Any such offer will be made only by means of the written prospectus forming part of the registration statement on file with the U.S. Securities and Exchange Commission (and, in the case of the subscription offering, an accompanying stock order form).

The shares of the common stock sold in the offering are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

 

August 2011

CARROLL BANCORP, INC. TO COMMENCE STOCK OFFERING IN CONNECTION WITH MUTUAL TO STOCK CONVERSION OF CARROLL COMMUNITY BANK

Sykesville, Maryland — August 19, 2011.  Carroll Bancorp, Inc., (the “Company”), the proposed holding company for Carroll Community Bank (the “Bank”), announced today that on August 12, 2011, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve Bank and the Maryland Office of the Commissioner of Financial Regulation issued the conditional approvals required to commence the Bank’s conversion from a mutual to stock form of organization and the Company’s related stock offering.  The Company also announced today that the registration statement relating to the sale of the Company’s common stock was declared effective by the U.S. Securities and Exchange Commission on August 12, 2011.

The Company is offering for sale between 331,500 and 448,500 shares of common stock (subject to a 15% increase to up to 515,775 shares) at a purchase price of $10.00 per share.  The Company is offering the shares of its common stock in a subscription offering, with first priority to depositors of the Bank with a qualifying deposit as of January 31, 2010, second to the Bank’s employee stock ownership plan, third to depositors of the Bank with a qualifying deposit as of June 30, 2011 and fourth, to all other depositors and borrowers of the Bank as of August 4, 2011.  Shares of the Company’s common stock that are not subscribed for in the subscription offering may be offered to members of the general public in a community offering, with preference given first to natural persons residing in Carroll and Howard counties in Maryland. 

The Bank has established a Stock Information Center, which will open on August 22, 2011.  Beginning on that date, a prospectus and stock order form will be available by contacting the Stock Information Center (toll-free) at 1-(877) 821-5778.  Hours of operation will be from 10:00 a.m. to 4:00 p.m., Eastern Time, Monday through Friday, except for bank holidays.

The offering period concludes on September 15, 2011.

To provide information to Bank customers and the public about the stock offering and the business of the Bank, Carroll Community Bank executives will host a community meeting.  It will be held at 10:00 a.m. (EST) on September 8, 2011 at Salerno’s Restaurant & Catering, located at 1043 Liberty Road, Eldersburg, Maryland.

The Bank’s conversion from the mutual to the stock form of organization must be approved by its members at a special meeting of the Bank’s members (depositors and borrowers).   Offering and proxy materials will be mailed to eligible depositors and borrowers on or about August 20, 2011. In addition, completion of the conversion and offering will be subject to, among other things, the receipt of final regulatory approvals. 

Stifel, Nicolaus & Company, Incorporated is acting as financial advisor and marketing agent in connection with the conversion and the sale of the Company’s common stock in the offering on a best efforts basis.

Carroll Bancorp, Inc. is the proposed holding company for Carroll Community Bank.  Carroll Community Bank is a state chartered mutual savings bank located in the Eldersburg area of Carroll County, Maryland and was originally founded in 1870.  Carroll Community Bank operates as a community-oriented institution by offering a variety of loan and deposit products and serving the other financial needs of its local community.

                 This press release contains certain forward-looking statements about the conversion and offering.  Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”  Forward-looking statements, by their nature, are subject to risks and uncertainties.  Certain factors that could cause actual results to differ materially from expected results include delays in consummation of the conversion and offering, difficulties in selling the common stock or in selling the common stock within the expected time frame, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.A registration statement relating to these securities has been filed by the Company with the United States Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement (and, in the case of the subscription offering, an accompanying stock order form). 

The shares of the Company’s common stock are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

Contact:         

Russell J. Grimes

President and Chief Executive Officer

(410) 795-1900

May 2011

RICKEMAN JOINS CARROLL COMMUNITY BANK’S COMMERCIAL LENDING DIVISION

May 5, 2011 – Carroll Community Bank recently announced that Westminster resident and community banker, Matt Rickeman, has joined their Commercial Banking division as Assistant Vice President and Commercial Loan Officer.   Prior to joining Carroll Community Bank, Rickeman has worked in community banking for the past six years, most recently as Vice President of Acquisitions, Development & Construction Lending at K Bank in Owings Mills, MD. In Matt’s new role, he will be responsible for business loan development and credit underwriting both in Carroll and Howard Counties. A graduate of Tufts University, Matt earned his Bachelor of Arts degree in Economics, Cum Laude. He is also a graduate of the Maryland Banking School, through the Maryland Banker’s Association.

 “Matt recognizes the value for his customers to work with local decision makers.  This, coupled with his strong credit background and customer service skills, make it a win-win situation and takes us another step closer to our goal of becoming the premier community bank in Carroll County,” said Russell J. Grimes, Jr., President/CEO of Carroll Community Bank.

March 2011

CARROLL BANCORP, INC. FILES REGISTRATION STATEMENT IN CONNECTION WITH CONVERSION OF CARROLL COMMUNITY BANK

March 14, 2011.  Carroll Bancorp, Inc. (the “Company”), the proposed holding company for Carroll Community Bank (the “Bank”), announced today that it filed a registration statement with the U.S. Securities and Exchange Commission and regulatory applications with the Maryland Commissioner of Financial Regulation, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System to commence the Bank’s conversion from the mutual to stock form of organization and the Company’s related stock offering. 

The Company expects to offer for sale between 331,500 and 448,500 shares of common stock (subject to a 15% increase to up to 515,775 shares) at a purchase price of $10.00 per share.  The Company expects to offer shares of its common stock in a subscription offering, with a first priority to depositors of the Bank with a qualifying deposit as of January 31, 2010, second to the Bank’s employee stock ownership plan and third and fourth priorities will be offered to depositors and borrowers of the Bank as of dates yet to be established.  Shares of the Company’s common stock that are not subscribed for in the subscription offering may be offered to members of the general public in a community offering, with preference given first to natural persons residing in  Carroll and Howard counties in Maryland.

The Bank’s conversion from the mutual to the stock form of organization must be approved by its members at a special meeting of the Bank’s members (depositors and borrowers) as of dates not yet established.  In addition, completion of the conversion and offering will be subject to, among other things, the receipt of final regulatory approvals.  The offering is currently expected to commence during the second quarter of 2011.  

Stifel, Nicolaus & Company, Incorporated is acting as conversion advisor and marketing agent in connection with the sale of the Company’s common stock in the offering on a best efforts basis.

Carroll Bancorp, Inc. is the proposed holding company for Carroll Community Bank.  Carroll Community Bank is a state chartered mutual savings bank located in the Eldersburg area of Carroll County, Maryland and was originally founded in 1870.  Carroll Community Bank has operated as a community-oriented institution by offering a variety of loan and deposit products and serving the other financial needs of its local community.

This press release contains certain forward-looking statements about the conversion and offering.  Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”  Forward-looking statements, by their nature, are subject to risks and uncertainties.  Certain factors that could cause actual results to differ materially from expected results include delays in consummation of the conversion and offering, difficulties in selling the common stock or in selling the common stock within the expected time frame, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

A registration statement relating to these securities has been filed by the Company with the United States Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement (and, in the case of the subscription offering, an accompanying stock order form).  Once the registration statement is effective, you may request a written prospectus and stock order form by contacting Russell J. Grimes at 1321 Liberty Road, Sykesville, Maryland 21784.

The shares of the Company’s common stock are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

February 2011

Key Personnel Changes at Carroll Community Bank - 2/21/11

Carroll Community Bank today announced several key personnel promotions.  Donna Frederick was promoted to Senior Vice President of the Retail Banking and Consumer Lending divisions.  In her new role, Donna is responsible for overseeing the daily operations of the bank's banking centers and is directly responsible for loan originations and underwriting in the residential mortgage department.  Michael Gallina, the bank's Treasurer and formerly the Controller, was promoted to Senior Vice President and Chief Financial Officer.  Michael is responsible for the overall accounting and financial reporting of the company.  Additionally, Amanda Clements was promoted to Branch Manager at the Sykesville banking center, and Maria Farrow has assumed the role of Branch Manager at the Westminster banking center.

"These changes are relective of the bank's commitment to building a dynamic managment team to support our goal in becoming the premier community bank in the County", stated Russell Grimes, President/CEO of Carroll Community Bank.

Carroll Community Bank Welcomes Beverly Fisher - 2/18/11

Carroll Community Bank recently announced that Beverly Fisher has joined their Commercial Banking division as Business Development Officer.  Prior to joining Carroll Community Bank, Fisher held several positions at Westminster Union Bank.  A resident of Carroll County, Fisher brings nearly twenty years of banking experience to her new role.  She is a graduate of the Maryland Banker's School and American Institute of Banking.  Beverly remains very active in the community, and is involved with many local organizations in the South Carroll area.

New Board Appointments Announced by Carroll Community Bank - 2/15/11 

Carroll Community Bank announced today that C. Todd Brown has been elected as Chairman of the Board of Directors, and Brian L. Haight as Vice Chairman.  In addition, R. Wayne Barnes and G. Lee Sturgill were elected to the Board of Directors, and Gilbert Fleming was reelected to the board. Elections took place at the Annual Meeting of Members on January 24^th.  

“These businessmen bring valuable perspective and experience to Carroll Community Bank, and will take us another step towards our goal of becoming the premier community bank in the county”, stated Russell Grimes, President/CEO of Carroll Community Bank.

Mr. Brown is a retired Vice President of Bank of America and its predecessor banks after a 38 ½ year career.   His education includes a BS in Business Administration from Bridgewater College, and a graduate degree from Stonier Graduate School of Banking, Rutgers University. Mr. Brown served on many committees, including the Board of Carroll Hospital Center for 15 years and was Chairman of the Board for 4 years. Currently he is President of The Springfield Cemetery Company, Sykesville.  Mr. Brown is also an active member of the Sykesville-South Carroll Rotary Club.  He is a past president and has held numerous positions in the Club.

Mr. Haight is the owner of Haight Funeral Home & Chapel and has been a director of the bank since 2007.  He is a member of various local organizations and serves on many committees.  Mr. Haight is a lifelong resident of Carroll County and is a graduate of Western Maryland College with a degree in Business Administration and Economics. 

Wayne Barnes is a self employed insurance broker specializing in Life and Long Term Care Insurance with over thirty years of industry experience.  Mr. Barnes holds the professional designations of (CLU) Chartered Life Underwriter and (CLTC) Certified in Long Term Care and holds a BS degree from Juniata College.  He is currently a director of the following organizations; Carroll Lutheran Village, Carroll County Chamber of Commerce, Westminster Town Center Corporation, Access Carroll and Treasurer of the Cemetery Board of St. Luke’s Lutheran Church.  Additionally, Mr. Barnes is a past Chairman of the Carroll County Chamber of Commerce and past director of Greater Westminster Development Corporation, Carroll Hospital Foundation, Carroll County Farm Bureau and Grace Lutheran Church.  Mr. Barnes served in the military, is a retired Major and lives in Westminster, Maryland.

Lee Sturgill is the partner in charge of Sturgill & Associates LLP tax practice and consulting activities.  Mr. Sturgill is a tax attorney, a Certified Public Accountant and Certified Valuation Analyst with over twenty years of experience.  His expertise includes litigation support services including business valuations, mergers and acquisitions, representing both buyers and sellers in purchase and sale negotiations and income tax, estate and inheritance tax planning.  Mr. Sturgill holds a BS degree in Accounting from Mount Saint Mary’s College and a Juris Doctorate from University of Baltimore.  He is also a director of Carroll Hospital Center.  Mr. Sturgill is a former director of Carroll County Bank and Trust, Bank of Hanover, Carroll County Department of Social Services, Safe Talk, Carroll Community Foundation and the Hart Center.  Mr. Sturgill is a volunteer coach for various youth organizations and lives in Westminster, Maryland.

Gilbert Fleming has been employed with Fleming Petroleum Services, Inc.  It is a family owned and operated business serving Carroll County since 1940.  Mr. Fleming holds a master electrician’s license and a refrigerant transition and recovery license.  He has been a director of the bank since 1988 and has served on numerous committees including Strategic Planning, Loan and Audit.  Mr. Fleming is a past President of the Carroll County Fuel Oil Dealers and has worked with the Gate House Museum and fund raising initiatives for the museum.   Mr. Fleming served in the US Army Reserves and lives in Finksburg, Maryland.

 November 2010

Carroll Community Bank Celebrates the Grand Opening of Their New Westminster Branch - 11/23/10

Carroll Community Bank hosted a Grand Opening Celebration at their new Westminster location at 29 Westminster Shopping Center on Saturday, November 6th. The event featured special deposit and loan promotions, refreshments, giveaways and kids’ activities. Guests from the community had an opportunity to meet the branch staff and several Board Members. Mayor Kevin Utz and Chamber President Mike McMullin were also in attendance to assist with the ribbon cutting ceremony.

“This new location will give us enhanced visibility in the community”, said Cathy Burkhart, Branch Manager. “Our customers appreciate the additional parking available and the convenience of being closer to downtown Westminster.”

“Westminster is an important and growing market for the bank. We are looking forward to expanding our relationships with the individuals and businesses in the community, as we continue our efforts to position the bank as the premiere community bank in the county”, said Russell Grimes, President/CEO.

Carroll Community Bank Promotes Tina Blankenship to Senior Vice President of Compliance, Deposit Operations and Human Resources - 11/12/10

Carroll Community Bank recently announced that it has promoted Tina Blankenship to Senior Vice President of Compliance, Deposit Operations and Human Resources. In her new role, Blankenship will continue to ensure the bank meets federal compliance regulations, as well as the bank’s established deposit procedures and operational guidelines. Previously, she was Carroll Community Bank’s BSA/Compliance Officer.

A Certified Regulatory Compliance Manager, Blankenship has a background in lending, deposit operations and collections. A resident of Carroll County, she has over 14 years of experience in the banking industry for both small and large community banks. Before joining Carroll Community Bank, Blankenship held compliance positions at local community financial institutions and was a Compliance Manager for a large consulting firm.

“Tina’s promotion is well deserved as she has been a tremendous asset to the bank. We are excited to have her on our team,” said Russell J. Grimes, CEO of Carroll Community Bank.

October 2010

Peck Joins Carroll Community Bank's Commercial Lending Division

Carroll Community Bank recently announced that George Peck has joined their Commercial Banking division as Vice President and Commercial Loan Officer.

A resident of Carroll County, Peck brings more than twenty years of experience in the banking industry for both small and large financial institutions, working primarily with business customers.

“We are ecstatic to have George on our team. His depth of knowledge, strong familiarity with the local community and commitment to serving the needs of his customers make him a natural addition to our organization”, said Russell J. Grimes, CEO of Carroll Community Bank.

A graduate of McDaniel College, Peck received his Bachelor of Arts degree in Business Administration and Economics, and his MBA in Finance from Mount St. Mary’s College. He is currently the Board Chair for Interfaith Housing Alliance, Inc., a member of the Rotary Club of Frederick, and the Trust Investment Committee chair for Grace United Church of Christ of Taneytown.