Carroll Bancorp Inc

What Carroll Bancorp Inc does

Carroll Bancorp, Inc. is the privately held holding company for Carroll Community Bank, a Maryland state-chartered commercial bank founded in 1929 as Carroll County Bank. The bank operates four branches across Maryland — Eldersburg (its main office), Westminster, Bethesda, and Mt. Airy — with a community banking model centered on personal relationships and local decision-making. Its service territory covers Maryland, with mortgage origination extending into South Central Pennsylvania and Northern Virginia.

The bank's product portfolio spans core deposit products (checking, savings), a 24/7 online and mobile banking platform, and a broad consumer and small business lending suite. Lending products include personal loans ($1,000-$50,000, 7%-24% APR), medical loans up to $15,000, auto loans, mortgages (purchase, refinance, FHA, USDA, jumbo, construction-to-permanent), home equity loans and HELOCs (up to 85% LTV), CD-secured loans, overdraft lines of credit ($500-$5,000), student loans, and direct payday loans. The bank also offers Popmoney person-to-person payments, MasterCard gift and travel cards, and a Federal Home Loan Bank of Atlanta partnership for first-time homebuyer down payment assistance grants up to $5,000.

Revenue is generated primarily through interest income on the lending portfolio, supplemented by deposit account fees, overdraft protection interest, P2P transfer fees ($0.50-$1.00 per transaction), and gift/travel card sales. The go-to-market is sales-led and relationship-driven, with branch-based acquisition and a community-focused marketing approach through the Carroll County Chamber of Commerce, Rotary Club involvement, local sponsorships, and educational content marketing. The bank is led by President/CEO Russell J. Grimes Jr. (since October 2008) and a board composed of long-tenured Carroll County business owners covering real estate, insurance, legal, and trades.

Name

Carroll Bancorp Inc

Legal name

Carroll Bancorp, Inc.

Website

https://carrollcobank.com

Company type

Private

Founded year

1929

Operating status

Operating

Headcount range

11–50 employees

Short description

Carroll Bancorp, Inc. is the holding company for Carroll Community Bank, a Maryland state-chartered community bank founded in 1929. It operates four Maryland branches serving individual consumers and small businesses with deposit accounts, mortgages, personal loans, and community-based lending products.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), Personal Credit Institutions (6141)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking
• Consumer lending
• Mortgage origination
• Retail deposits
• Small business banking

Headquarters

HQ city

Sykesville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Loan Interest Income: Primary revenue from interest on personal loans, auto loans, mortgages, home equity loans, construction loans, and credit lines. Fixed and variable rate products with terms from 12-60 months.
2. Deposit Account Fees: Fees from checking and savings account services including overdraft protection lines of credit ($500-$5,000 limits).
3. Gift Card Revenue: MasterCard gift cards and travel cards sold at branch locations in denominations from $10-$1,000.
4. Popmoney Transaction Fees: Per-transaction fees for person-to-person payments: $0.50 for transfers up to $500, $1.00 for larger transfers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Carroll Community Bank is a Maryland community bank that accepts deposits and originates a broad range of consumer and small business loans. Core products include checking and savings accounts, residential mortgages (purchase, refinance, FHA, USDA, construction-to-permanent, home equity, HELOC, lot), consumer loans (personal, auto, medical, student, CD-secured, payday alternatives), commercial loans for local businesses, Popmoney person-to-person payments, and MasterCard gift and travel cards. Distribution is through four Maryland branches, online and mobile banking, and direct lending officers serving Maryland, South Central PA, and Northern Virginia.

Product overview

Carroll Community Bank operates as a community-focused regional bank offering a comprehensive suite of banking products and financial services. The bank's product portfolio centers on core deposit accounts (checking and savings), digital banking platforms (online and mobile), and a diverse range of lending products. Lending offerings span secured and unsecured personal loans, mortgages including purchase, refinance, construction-to-permanent, FHA, USDA, and home equity products, auto loans, student loans, medical loans, and payday loan alternatives. The bank also provides prepaid card products (MasterCard Gift Cards and Travel Cards) and person-to-person payment services through Popmoney. The bank serves Maryland communities through four branches in Eldersburg, Westminster, Bethesda, and Mt. Airy, positioning itself as a local alternative to larger national banking institutions.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 317 households replaced payday balances, saving estimated $412,000 in future fees
• +3 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Federal Home Loan Bank of AtlantacoreStrategic or Co-development PartnerPartnership providing grant money for down payment and closing cost assistance to low- to moderate-income homebuyers. Federal Home Loan Bank matches funds up to $5,000 for qualifying borrowers. Income eligibility requirements and other conditions apply. Helps first-time homebuyers overcome down payment barriers.

Scale indicators5 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• First National Bank of Pennsylvania (F.N.B. Corporation): Mid-Atlantic regional bank holding company with branches across Pennsylvania, Maryland, and surrounding states. Comparable product suite (mortgages, consumer lending, deposits) but at much larger scale, operating as a broader incumbent in Carroll's footprint.
• M&T Bank: Large regional bank holding company with significant Maryland presence (notably as acquirer of Provident Bank, where CFO Gallina previously worked). Overlaps Carroll's Maryland footprint and competes directly for consumer and small-business deposits and loans.

Direct peers

• Shore Bancshares: Maryland community bank holding company (Shore United Bank) serving the Eastern Shore and broader Maryland. Comparable as a similarly scaled Maryland community bank offering deposit products, mortgages, and consumer lending.
• Sandy Spring Bancorp: Maryland-headquartered community bank holding company (Sandy Spring Bank) with branches across the DC-metro region. Comparable consumer and small-business banking model with significant Maryland overlap including similar Carroll/Howard County market exposure.
• ACNB Corporation: Pennsylvania-based community bank holding company (ACNB Bank) with branches in south-central PA and northern Maryland. Comparable as a small, privately/community-oriented bank with overlapping mortgage geography into Maryland.
• Howard Bancorp (prior to FVCBankcorp merger): Maryland community bank holding company (Howard Bank) that operated in the greater Baltimore/Carroll County corridor before merging into FVCBankcorp. Closely comparable in scale, market, and product mix.
• Old Line Bancshares: Maryland-focused community bank holding company (Old Line Bank) headquartered in Bowie, MD. Closely comparable to Carroll given its Maryland community-banking orientation, similar consumer and small-business lending focus, and overlapping Mid-Atlantic footprint.

Regional players

• Eagle Bancorp: Maryland/DC-area community bank holding company (EagleBank) focused on the DC metropolitan market including Bethesda — directly comparable given Carroll's Bethesda branch. Similar commercial and consumer banking model.
• Burke & Herbert Bank: Long-standing Virginia/Mid-Atlantic community bank recently acquired by Huntington Bancshares. Comparable as a privately held community bank with similar consumer and small-business focus.
• Bay Banks of Virginia (Virginia Bankers Association): Bank holding company (Virginia Commonwealth Bank and Bank of Virginia) operating in Virginia. Comparable as a Mid-Atlantic community bank with overlapping consumer and small-business banking offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/carrollcobank
• LinkedInlinkedin.com/company/carroll-community-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carroll Bancorp Inc