Bay Bancorp Inc. is renaming its mortgage division as part of a plan to drastically increase the size of it.
The division will be called Bay Bank Mortgage, replacing Carrollton Mortgage Services, which was left over from the bank's $25 million acquisition of Columbia-based Carrollton Bank in April 2013.
The switch marks the end of name shuffling sparked by the Carrollton acquisition. After last year's acquisition, Lutherville-based Bay Bank operated under the parent company name of Carrollton Bancorp while branding itself Bay Bank. Then, late last year, changed the parent company name to Bay Bancorp Inc. to cut down on confusion. It also has relaunched its investment group as Bay Financial Services, said Russ McAtee, the bank's executive vice president of retail banking.
Bay Bank wants to double the mortgage division's size and getting the name right is key, McAtee said.
"It was the last piece we needed to address," he said. "We're doing a lot of brand advertising around the Bay Bank name. It just makes sense to do that marketing and brand awareness around the mortgage company as well."
Bay Bank (NASDAQ: BYBK) wants the division to eventually produce more than $300 million in annual loans, up from about $150 million today. The bank has 27 employees in the mortgage division, but McAtee thinks it could add as many as 30 more. Hiring has already started, as the division has taken on six new employees in the last three weeks and is slated to have two more start next week.
"We're looking to hire loan officers who like the opportunity to deal with a community bank that's well capitalized," McAtee said. "We've made some pretty big investments in the mortgage group."
Bay Bank FSB has 11 branches and approximately $500 million in assets. It was the 16th-largest bank by market share in the Baltimore area at the end of June 2013, according to the most recent statistics available from the Federal Deposit Insurance Corp. It has 132 employees.