Household To Close City's Yorkridge-calvert Office

December 05, 1990|By Staff report

WESTMINSTER - For the third time in five months, Household Bank FSB has announced plans to close a branch in Carroll County.

Household Bank said Friday that statewide, it will close three of its branches on Dec. 31 and eight of the nine formerly owned by Yorkridge-Calvert Federal Savings Association on Feb. 8.

Among the eight Yorkridge-Calvert branches to be closed is this city's office at 526 Baltimore Blvd., Route 140.

The shutdowns add to a string of recent bank-branch closings statewide.

Two other Carroll County branches -- in Westminster and Eldersburg -- were among those closed this year following Household's purchase of the deposits at Baltimore Federal Financial FSA.

Household took over the insured accounts of the failed Yorkridge-Calvert in September. John G. Moran, president of Household's Eastern Division, said the Yorkridge-Calvert branches will be closed because the bank already owns offices near the failed thrift's branches.

In Westminster, Household has a branch in Carroll Plaza on Englar Road off Route 140. That office had been a branch of Baltimore Federal Financial.

It also has plans to open a new 4,000-square-foot office with three drive-up windows early next year in the new Cranberry Square strip across from Cranberry Mall. That new Household Bank will be less than a mile south of the Carroll Plaza branch and less than a mile north of the soon-to-close Yorkridge-Calvert office.

"We look at our branch network to provide customers with the maximum possible service," Moran said. "Since these branches were very close to one another, by consolidating those branches into our branches which have extended hours, we can offer those customers both convenience and enhanced service."

He said the only office from Yorkridge-Calvert that will remain open is the thrift's former headquarters on Old Court Road in Pikesville, Baltimore County. The remaining properties will be returned to the Resolution Trust Corp., the federal agency in charge of operating and disposing of the nation's insolvent thrifts.

On Feb. 8, Moran said Yorkridge-Calvert's deposits automatically will be moved to the existing Household branches with no interruption of service.

"It'll be business as usual until then," he said.

Moran said he will meet with employees to discuss possible transfers, adding it is too early to know whether layoffs would result from the branch closings.

After the closings, Household, which is based in Newport Beach, Calif., and is a subsidiary of Household International Inc., will have 24 branches in the Baltimore area and nine in Virginia.

Many of those branches have been acquired in recent years as Household has purchased portions of a number of failed thrifts since entering the state in 1984.

The company bought nearly $900 million in deposits from the defunct Baltimore Federal Financial FSA in April and recently agreed to purchase the deposits of the Baltimore County office of Municipal Savings Bank FSB, a unit of Baltimore Bancorp., in Towson.

Household closed 16 branches in the Baltimore area this summer following its purchase of Baltimore Federal.

On June 25, Household closed the BFF branch on East Main Street, sending customers to Carroll Plaza. Four days later, BFF's Eldersburg branch closed and Household transferred those accounts to the Liberty Plaza office in Randallstown, Baltimore County. Former BFF employees were offered positions at other locations.

The brick bungalow building at East Main and Liberty streets has remained empty since BFF closed. The Resolution Trust Corp. of Washington must decide what to do with the building.

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