First Maryland Bancorp says it is not interested in renewing its offer to buy Baltimore Bancorp even though that company has new board members and a new chairman.
Carol Dunsworth, a spokeswoman for First Maryland, the state's second largest bank holding company, says the company has no plans to make another offer for Baltimore Bancorp, parent company of the Bank of Baltimore. Instead, First Maryland is concentrating on its recent acquisition, York Bank and Trust Co. of York, Pa., she says.
First Maryland also last week bought $163 million in deposits of the failed Vermont Federal Savings Association F.A.
First Maryland, the parent of First National Bank of Maryland, i owned by Allied Irish Banks PLC of Dublin, Ireland.
First Maryland last year offered $17 a share, or a total of $217 million, for Baltimore Bancorp, the state's fifth largest banking operation. The offer was rejected by the board of Baltimore Bancorp over stockholder protests. First Maryland subsequently dropped the offer but continues to own 4.9 percent of Baltimore Bancorp's stock.
The Baltimore Bancorp board rejection sparked an attempted takeover headed by stockholder Edwin F. Hale Sr., who owns trucking and shipping companies and the Baltimore Blast. So far, the group of dissident shareholders has succeeded in getting six of its members elected to the 18-member Baltimore Bancorp board.
A court case is still pending over whether another 10 members of the Hale group will get onto the board. If the board is expanded to include them, the Hale group will control the board.
On Thursday, the Baltimore Bancorp board removed its longtime chairman and chief executive officer, Harry L. Robinson. In his place is Robert F. Comstock, a 55-year-old attorney and former chairman of Metropolitan Federal Savings and Loan Association, thrift that was acquired by Baltimore Bancorp.