Bank Maryland president quits

April 03, 1991|By Peter H. Frank

The president and chief executive of Bank Maryland Corp., E. Neil Jacobs, has resigned from the Towson-based banking company after a year at the helm.

Hildebert F. Criste, chairman of Bank Maryland, will act as interim president and chief executive while the company searches for a replacement, Theresa D. Livesey, the company's chief financial officer, said yesterday.

Mr. Jacobs, 53, joined Bank Maryland last April after leaving Equitable Bancorporation during its merger with MNC Financial Inc.

Mr. Jacobs said yesterday he was hired to help guide the $219-million banking company through the merger of its six banking affiliates into the company's flagship Bank of Maryland subsidiary.

The consolidation, begun earlier in the year, was completed at the end of September.

He also oversaw a review of the company's loan portfolio, adding millions of dollars to the bank's reserves.

"We accomplished a lot over the past year," Mr. Jacobs said yesterday, adding that he stepped down "once we got to this point with some breathing room and feeling a little bit better about the company's position."

Hit by the slumping economy that is plaguing most banking companies in the region, Bank Maryland lost nearly $11 million last year after setting aside almost $6 million for possible bad loans. The company finished the year, however, with a profit of $9,000 during the fourth quarter.

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