Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

NOTE 22 – SUBSEQUENT EVENTS

On January 22, 2016, the Bank and Hopkins Bank filed an Interagency Bank Merger Act Application with the OCC to seek approval of the merger of Hopkins Bank with and into the Bank, with the Bank as the surviving federal savings bank.

On February 1, 2016, the Bay Bancorp, Inc., Hopkins, and Alvin M. Lapidus amended their previously-announced Agreement and Plan of Merger, dated as of December 18, 2015 (the “Parent Merger Agreement”), to increase, from $400,000 to $625,000, the aggregate amount of all bonuses that Hopkins and its affiliated companies may, subject to any required regulatory approval, pay to their directors and employees prior to the merger of Hopkins with and into Bay Bancorp, Inc.

On February 24, 2016, the Board of Directors of the Company approved a new stock purchase program that authorizes the Company to repurchase up to 250,000 shares of its common stock over a 12-month period commencing on February 24, 2016.  The shares of common stock may be repurchased in open market transactions or privately negotiated transactions at times, in amounts and at prices to be determined in the discretion of the Company’s President and Chief Executive Officer, provided that the purchase price per share may not be less than the fair market value of a share of common stock as of the date of the purchase and provided further that each proposed repurchase must be consistent with applicable securities laws and regulations, including Rule 10b-18 promulgated under the Exchange Act and the Company’s blackout policy.