Resolution Trust sells Second National deposits, assets for $104.2 million

September 17, 1994|By Ross Hetrick | Ross Hetrick,Sun Staff Writer

The 17 banks and thrifts that bought branches, deposits and assets of Second National Federal Savings Bank paid $104.2 million to the federal government, the Resolution Trust Corp. said yesterday.

The RTC, the federal agency charged with disposing of the nation's failed thrifts, had been managing the 34 branches of Second National, which the government seized two years ago.

The buyers purchased $516.2 million in insured deposits, and all but one of the branches.

The buyers paid $73.4 million for some of the failed thrift's assets, such as cash, investment securities and certain loans. They also paid $30.8 million as a premium for the insured deposits. The RTC said the ultimate cost to the government of the Second National bailout was $205.8 million.

The agency said services to customers will continue without interruption. Branches will open under new ownership Monday.

The biggest buyer was Mellon Bank (Delaware) N.A., which bought seven branches in Delaware. It was followed by First National Bank of Maryland, which bought five branches -- in Salisbury, Severna Park, Upper Marlboro and two in Easton.

The third-largest buyer was Maryland Federal Savings and Loan Association of Hyattsville, which bought four branches -- in Annapolis, Bethesda, Bowie, and Edgewater.

Peninsula Bank of Princess Anne, part of Mercantile Bankshares Corp., a Baltimore-based bank holding company, bought three branches in Salisbury and two in Ocean City. Another Mercantile subsidiary, the Chestertown Bank of Maryland, bought one branch in Chestertown.

In the Baltimore region, Harbor Bank of Maryland acquired the branch at 3240 Belair Road in Baltimore and Washington Federal Savings Bank of Herndon, Va., bought the Cockeysville branch at 594 Cranbrook Road.

Baltimore County Savings Bank bought the Bel Air branch.

Loyola Federal Savings Bank in Baltimore bought the Annapolis branch at 2045 West St. and Route 2.

Other branches were acquired by the following institutions:

* Suburban Federal Savings Bank of Landover Hills bought the Severna Park branch.

* Wilmington Trust FSB bought an Ocean City branch.

* Crestar Bank of Richmond bought one branch in Fairfax, Va. Another branch in Woodbridge, Va., has been closed and the deposits moved to Crestar's Lake Ridge office in Woodbridge.

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