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Banks of the Chesapeake to undergo mutual-to-stock conversion

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Banks of the Chesapeake to undergo mutual-to-stock conversion

Baltimore, Md.-based Banks of the Chesapeake MHC, the holding company of Chesapeake Bank of Maryland, intends to convert to a stock holding company from a mutual holding company, according to a notice posted in The Baltimore Sun's public and legal notices section.

The conversion and reorganization will result in a new stock company, CBM Bancorp Inc., which will own 100% of the common stock of Chesapeake Bank.

The conversion and reorganization is subject to certain approvals, including that of the Federal Reserve Board, according to the notice.