Baltimore Bancorp settles suitBaltimore Bancorp has...


April 09, 1993

Baltimore Bancorp settles suit

Baltimore Bancorp has settled a class action shareholder suit against the company, agreeing to pay up to $1.75 million to the members of the class of shareholders.

The suit was filed in the U.S. District Court for Maryland in 1990 against the company and some former directors and officers. The company said it has taken a reserve to cover the payments and will count it against first-quarter earnings.

U.S. contracts increase in area

The dollar volume of federal contracts awarded to business in the Baltimore-Washington market rose nearly 5 percent, to $18.5 million, last year. The Washington/Baltimore Regional Association said the improvement was because of new civilian contracts. Defense-related contracts fell by $78 million, to $9.3 billion, in fiscal year 1992, while all other types of contracts rose a total of $894 million, to $9.2 billion.

Of the 10 areas receiving the most federal contract money, three had higher percentages of civilian contracts, a spokesman for the group said. But he noted that the Baltimore-Washington market received the most civilian contract dollars of any area.

Maryland Federal earnings rise

Maryland Federal Bancorp Inc. in Hyattsville said prevailing low interest rates and economic improvement in metropolitan Washington helped push fourth-quarter earnings up 77 percent. Net income in the fourth quarter that ended Feb. 28 rose to $3 million, or 91 cents a share, from $1.7 million, or 55 cents a share, in the 1992 quarter.

Sears converting some catalog stores

Sears, Roebuck and Co., which in January said it was closing its 2,000 catalog stores, announced plans to convert about 350 of the stores to small retail businesses. Sears said yesterday the conversions would be completed by year's end.

Ford chief got $4.38 million in '92

Ford Motor Co. Chairman and Chief Executive Officer Harold Poling received $4.38 million in compensation last year, mostly in the form of options to buy company stock, Ford said. Mr. Poling will retire later this year. Ford lost about $500 million last year before an accounting change that pushed the red ink to $7.4 billion.


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