Rosedale Federal Savings and Loan Association entered into definitive merger agreement to acquire CBM Bancorp, Inc. (OTCPK:CBMB) for $62.5 million on January 28, 2022. Under the terms of agreement, Rosedale Federal is acquiring CBM Bancorp in an all-cash transaction for an aggregate purchase price of $64.4 million and the stockholders of CBM Bancorp will be entitled to receive $17.75 in cash for each share of CBM Bancorp common stock they own. In connection with the execution of the merger agreement, Rosedale has entered into stockholder agreements with the directors and executive officers of CBM Bancorp. Subject to the terms and conditions of the stockholder agreements, these parties have agreed to vote their shares in favor of the transaction.

The transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of CBM Bancorp's stockholders. The transaction has been approved unanimously by the Boards of Directors of both entities. The merger is expected to be consummated during the first half of 2022. Performance Trust Capital Partners, LLC is serving as financial advisor, and Lawrence Spaccasi, Kent Krudys, Thomas Hutton and Gregory Sobczak of Luse Gorman, PC is serving as legal counselors to Rosedale Federal in this transaction. Piper Sandler & Co. is serving as financial advisor, and Edward B. Crosland, Jr. and Ricky Fisch of Jones Walker LLP acted as the legal advisor to CBM Bancorp.

Rosedale Federal Savings and Loan Association completed the acquisition of CBM Bancorp, Inc. (OTCPK:CBMB) on July 7, 2022.