Federal regulators said yesterday they sold Annapolis-based Gibraltar Federal Savings and Loan to Annapolis National Bank, which has been in business for less than six months.

Annapolis National Bank purchased the thrift, which has been under federal control since March 1989, for $2,000,002. In relation to deposits of $30.1 million, it was considered a relatively high price for a troubled thrift. The Resolution Trust Corp., which made the announcement, said Gibraltar's five branches will reopen this Monday.

Annapolis National President C. Terry Adkins, a native of Annapolis, had never headed a bank before this one started up in January, according to sources. Adkins was not available for comment. He is backed by, among other investors, Lawrence Lerner, younger brother of Montgomery County real estate developer Theodore Lerner, according to the Capital of Annapolis.

Gibraltar was involved in a mini-scandal last year when two officials of the agency then regulating thrifts resigned after it was disclosed that they had rejected two offers to purchase Gibraltar. Legislators complained that accepting one or another of the offers would have reduced the cost to taxpayers of rehabilitating the ailing thrift.

This is not the first time Gibraltar has required government assistance. In the Maryland savings-and-loan crisis of 1985, it remained open, unlike some other privately insured thrifts. But the state had to issue $2.3 million in special bonds to allow Gibraltar to qualify to enter the federal insurance system -- the system that is now bailing it out.

The net cost to the government of the purchase is estimated at about $9.6 million, including a direct cash advance of $8.4 million, the RTC said. In addition to deposits of $30.1 million, Gibraltar had outstanding loans of $33.5 million. The transaction left the government holding about $10.7 million in bad loans and repossessed real estate.

The RTC said the Annapolis National offer was "the least costly" of the three bids submitted to the agency.