Bank Maryland merger takes effect Monday Consolidation brings 6 units together

September 29, 1990|By Peter H. Frank

Bank Maryland Corp., a Towson-based bank holding company, said yesterday that it had completed the consolidation of its six banking units and would open its doors Monday as a unified Bank of Maryland.

The decision to merge the separate banking affiliates, announced at the shareholders meeting in May, was aimed at paring costs and smoothing the bank's operations by adopting a single structure under a single banner, the company said.

"Restructuring the holding company's affiliates into a single bank to operate under one name will promote increased efficiency in operations, marketing and will enable the organization to make more effective use of its capital," said E. Neil Jacobs, president and chief executive.

For example, Bank Maryland customers will be able to do business at any of the company's 13 branches as of Monday, the company said.

Bank Maryland, which had $240.7 million in assets at the end of June, was formed as a bank holding company in 1987 with the Bank of Maryland-Towson as its lone subsidiary. In addition to its Towson office, it operates branches called Bank of Maryland Harford County, Bank of Maryland Carroll County and Bank of Maryland Montgomery County.

The company said that as of Monday the company's Bay National Bank in Annapolis will be named Bank of Maryland-Bay Banking Center and that Salisbury-based Maryland State Bank will be called Bank of Maryland-Eastern Shore.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.