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Middletown Valley Bank still keen on M&A despite aborted MOE in 2016

Middletown Valley Bank will continue to pursue merger or acquisition opportunities with acceptable terms, President and CEO Robert Goetz Jr. said in his letter included in the bank's 2016 annual review.

The Middletown, Md.-based bank's proposed merger of equals with Woodsboro, Md.-based Woodsboro Bank was terminated in 2016.

"We are thankful for the support of shareholders in the 2016 consideration of our proposed merger of equals and appreciate our shareholders recognizing the value such consolidation opportunity brings to your investment," Goetz said.

In the letter, the CEO also said that the bank is looking into the possibility of creating a holding company structure.

He added that in April, the bank opened a credit servicing center on the square in downtown Hagerstown, Md.