Capital Bancorp closes IFHI merger; acquired co. reports $7.99M net loss for 9M ending Sep 30

Capital Bancorp Inc

Merger completed Oct 1, 2024; IFHI merged into Capital Bancorp, which is the surviving entity.
IFHI unaudited financials show net loss of $7.986M for nine months ended Sep 30, 2024 (basic EPS -$3.37).
IFHI had total assets of $542.2M, loans held for investment $382.8M, deposits $449.9M as of Sep 30, 2024.
IFHI incurred $5.1M merger-related expenses in the period; total noninterest expense $31.1M.
Pro forma combined financial statements for Sep 30, 2024 and Dec 31, 2023 are filed.

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