Yorkridge-Calvert unit is sold Bank of Baltimore purchases S&L's home equity portfolio

January 25, 1991|By Michelle Singletary | Michelle Singletary,Evening Sun Staff

The Bank of Baltimore has won the bid for the $24 million home equity portfolio of Yorkridge-Calvert Savings and Loan Association. The purchase price was not disclosed.

Yorkridge was taken over by federal regulators in December 1989 because of financial problems. At the time it was the 10th largest savings and loan in Maryland.

The purchase will be made through the Resolution Trust Corp., a federal agency that is handling insolvent thrifts.

Home-equity loans are secured by the borrowers' homes. Most of the home-equity loans made by Yorkridge were local, according to Jerome P. Baroch, senior executive vice president for the Bank of Baltimore.

Baroch said the terms of the loans will not be affected by the sale to the bank. "Other than sending their payments to the Bank of Baltimore, there will be very little difference to the consumers," Baroch said.

The bank, which has 51 offices, currently has a home-equity loan portfolio of more than $100 million, Baroch said.

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