Lynch to quit state business agency Assistant secretary to leave in the spring

November 27, 1996|By Jay Hancock | Jay Hancock,SUN STAFF

Stephen Lynch, a seasoned banker who became assistant secretary for finance of the Maryland Department of Business and Economic Development a little more than a year ago, has told state officials that he will resign in the spring.

Lynch "will be leaving following the legislative session to pursue other interests," said Charles Porcari, spokesman for the economic development department.

One of several assistant secretaries who run major pieces of DBED's programs, Lynch could not be reached for comment. He has decided to return to the private sector, Porcari said.

James Brady, the department's secretary, "deeply regrets losing Steve, but he's supportive of him," Porcari said. "In his short time here at DBED, Steve did remarkable things in terms of reorganization and making our financing programs much more efficient, more business-like."

Brady will search for a replacement, Porcari said. Robert C. Brennan, deputy assistant secretary for finance, was hired recently from Empire Mortgage in Hunt Valley to work closely with Lynch before he leaves, Porcari said.

Lynch was a vice president with First Fidelity Bancorp's Maryland Division before joining DBED. He presided over an increase in the grants, loans and guarantees that the state makes to lure and keep businesses.

Lynch, appointed in August 1995, has applied a banker's mentality to the department, scrutinizing deals, standardizing analysis and gauging risk and return more carefully than critics say the department did before his arrival.

One of Lynch's duties was administering the state's "Sunny Day" fund to attract or keep big companies. The fund has increased from $5 million in fiscal 1995 to more than $25 million, as Maryland has tried to match lucrative offers from competing states.

Pub Date: 11/27/96

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