Taneytown Bank sees net income increaseTaneytown Bank...

BUSINESS NOTES

May 13, 1993

Taneytown Bank sees net income increase

Taneytown Bank & Trust Co.'s net income for the first quarter of 1993 is $530,259, or 81 cents a share, Carroll D. Myers, company president and chief financial officer, reported last week.

Taneytown's net income during the first quarter of 1992 was $406,142, or 62 cents a share.

Bank officers attributed the increase to a 10 percent growth in loans and higher levels of noninterest income in the servicing and sale of residential mortgages.

The bank's board of directors also announced an 11-cents per share dividend, paid to stockholders on April 1.

Brokerage firm honors Finksburg employee

Douglas P. Velnoskey of Finksburg was recently appointed to the President's Council of Legg Mason Wood Walker Inc.

The President's Council is the brokerage firm's annual list of investment executives who achieve outstanding client service.

Mr. Velnoskey has been a lifelong Carroll County resident and before joining the firm's Hunt Valley office in 1987 was a partner and manager of the Colonial Jewelry Co. of Westminster.

London Fog names new corporate officers

London Fog Corp., the Eldersburg-based rainwear company that also owns Londontown Corp., announced the promotion of two corporate officers this week.

James F. Haneschlager is now the executive vice president of human resources and a member of the operating board of Londontown Corp., and Edward M. Krell is now vice president and corporate controller.

Mr. Haneschlager, a graduate of the University of Baltimore, has been employed in administrative and financial positions since he joined the company in June 1965. The former vice president of human resources lives in Ellicott City with his wife and son.

Mr. Krell joined Londontown in June 1991 as the controller of the factory stores division after serving in the investment banking division of Kidder, Peabody & Co.

A resident of Owings Mills with his wife and daughter, Mr. Krell has a bachelor's degree from Harvard University and a master's in business administration from Stanford University.

Taneytown bank receives five-star rating

Bauer Financial Reports Inc., a Florida bank research and rating firm, has given Taneytown Bank & Trust Co. a five-star rating for the third consecutive quarter.

The rating, the highest Bauer gives institutions, is based on financial data Taneytown Bank filed with the federal government on Sept. 30.

A five-star rating indicates that Taneytown Bank's tangible capital exceeds 9 percent of its tangible assets, its risk-based capital ratio exceeds 9.85 percent, delinquencies and repossessed assets are manageable, the institution is soundly invested and earned a profit for the quarter ending Sept. 30, 1992.

The tangible capital level required for a Bauer five-star rating is twice that required by federal regulators.

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