PRESS RELEASE
PATAPSCO BANCORP, INC.
FOR FURTHER INFORMATION CONTACT JOSEPH BOUFFARD, PRESIDENT
410-285-9327
PATAPSCO BANCORP, INC. ACQUIRES NORTHFIELD BANCORP, INC.
AND NORTHFIELD FEDERAL SAVINGS BANK
MERGER FINALIZED NOVEMBER 13, 2000
Baltimore, Md. November 13, 2000 - Patapsco Bancorp, Inc. (OTC, Electronic
Bulletin Board: PATD), the parent company of The Patapsco Bank, announced the
completion of the acquisition of Northfield Bancorp, parent holding company of
Northfield Federal Savings Bank, headquartered in Baltimore County, Maryland on
November 13, 2000.
In the transaction, each share of Northfield common stock issued and outstanding
at the effective time of the acquisition was converted into the right to receive
$12.50 in cash and 0.24 shares of Series A Non-cumulative Perpetual Convertible
Preferred Stock of Patapsco Bancorp. The acquisition results in consolidated
assets for Patapsco of approximately $155 million, consolidated deposits of
approximately $117 million and stockholders' equity of $12.3 million based on
September 30, 2000 financial information.
Joseph Bouffard, President and Chief Executive Officer of Patapsco Bancorp
stated, "This merger brings together two comparable financial institutions that
serve adjacent communities. Not only will our shareholders, customers and
employees benefit but we believe both the Dundalk and Parkville communities will
be better served. We are looking forward to this opportunity to continue to
offer our outstanding services to meet the banking needs of our new and existing
customers."
The Patapsco Bank, which celebrates its 90th anniversary this year, serves
Baltimore County and the surrounding communities, including lending efforts in
Harford and Cecil counties, from its main office at 1301 Merritt Boulevard,
Dundalk, Maryland with branch offices at 8705 Harford Road and 1844 E. Joppa
Road.
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When used in this Press Release, the words or phrases "will likely result," "are
expected to," "will continue," "is anticipated," "estimate," "project" or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to certain risks and uncertainties including changes in
economic conditions in Patapsco Bancorp's market area, changes in policies by
regulatory agencies, fluctuations in interest rates, demand for loans in
Patapsco Bancorp's market area, and competition that could cause actual results
to differ materially from historical earnings and those presently anticipated or
projected. Patapsco Bancorp wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only as of the date
made. Patapsco Bancorp wishes to advise readers that the factors listed above
could affect Patapsco Bancorp's financial performance and could cause Patapsco
Bancorp's actual results for future periods to differ materially from any
opinions or statements expressed with respect to future periods in any current
statements.
Patapsco Bancorp does not undertake, and specifically disclaims any obligation,
to publicly release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events.
