Criimi Mae to acquire CRI Inc.Criimi Mae Inc. shareholders...

BUSINESS DIGEST

June 22, 1995

Criimi Mae to acquire CRI Inc.

Criimi Mae Inc. shareholders voted yesterday to convert the Rockville-based real estate investment trust into a self-managed company. The mortgage REIT with $925 million in assets intends to complete the conversion by acquiring the mortgage business of CRI Inc., one of the nation's largest apartment owners.

Previously, a CRI affiliate had advised Criimi Mae and directed its activities. The acquisition, approved by 56 percent of the REIT's shareholders and set to close June 30, is expected to give Criimi Mae greater access to investors and provide opportunities in mortgage origination and servicing.

IRE splits stock 2 for 1

Information Resource Engineering Inc., a White Marsh-based maker of computer security products, said yesterday that shareholders at its annual meeting last week approved a 2-for-1 split of the company's common stock. Shareholders on record as of June 30 will be eligible for the stock split.

IRE's stock price has more than doubled this year, to $28 yesterday, up 75 cents for the day.

Hearing on insurance bias today

The Maryland Insurance Administration is scheduled to hold a hearing today on whether victims of domestic abuse have had difficulty obtaining health and life insurance in Maryland.

The informational hearing will be held at 10 a.m. at the 11th floor conference room at 501 St. Paul Place in Baltimore.

Annapolis bank raises dividend

Annapolis Bancshares Inc. announced yesterday it had increased its quarterly dividend by a quarter of a cent, to 5.25 cents per share.

The company, which owns the Bank of Annapolis, said the higher second-quarter dividend will be paid July 14 to holders of record as of June 30.

Md. Federal Bancorp profit dips

Maryland Federal Bancorp Inc. said yesterday a continuing interest rate squeeze cut its profits in its fiscal first quarter.

The Hyattsville-based owner of Maryland Federal Savings and Loan Association said profits for the three months ended May 31 dropped to $1.8 million, $545,000 below last year's first quarter.

Although total interest received rose $4 million to $19.4 million, profits were cut because the 25-branch thrift saw the amount it paid out in income to depositors rise by $4.3 million, to $12.5 million.

Haskins, Lipitz join Blues board

Blue Cross and Blue Shield of Maryland has elected two new board members, Harbor Bank of Maryland Chairman Joseph Haskins Jr. and Roger Lipitz, a board member and executive of Genesis Health Ventures Inc.

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