Taneytown Bank & Trust's parent reports profitsMonocacy...

Business Notes

October 25, 1998

Taneytown Bank & Trust's parent reports profits

Monocacy Bancshares Inc., parent company of Taneytown Bank & Trust Co., has reported net earnings of $2,343,161 for the first nine months of the year, an increase of 43 percent over 1997.

Earnings per share were $1.30 for 1998 and 92 cents for last year. Total assets as of Sept. 30 were $303.2 million, up from $290.2 million last year.

Net loans were $166.8 million and investment securities were $87.2 million as of Sept. 30.

Deposits stood at $237.1 million.

The bank's directors declared a 12 cent-per-share cash dividend, payable tomorrow to stockholders of record Oct. 13.

Cranberry Mall to work with school's third-graders

Cranberry Mall has become the first business in Carroll County to adopt an entire grade in an elementary school as part of Junior Achievement's Our City program.

As part of the program, mall workers will teach four third-grade classes about jobs in a city -- construction, city planning, restaurants, management banking and newspapers.

Personnel from the mall have volunteered to teach the interactive classes.

Students will learn what kind of skills jobs require, how workers apply those skills and how jobs contribute to the city.

Junior Achievement is a nonprofit organization dedicated to educating and inspiring young people to value free enterprise, business and economics.

Information: 410-876-8870.

Federal publication praises self-help housing program

A partnership between Farmers & Mechanics Bank and Interfaith Housing of Western Maryland has been featured in "Best Practices in Rural Development," published by the Office of Thrift Supervision.

Produced in conjunction with the 1998 National Rural Development Conference, the publication praised the partnership as the best example of a self-help housing program in the country.

OTS is the regulator of several financial institutions in rural areas. The office has identified financial institutions in regions of the country that have implemented innovative programs designed to address problems in their markets.

Westminster bank's parent reports quarterly earnings

Union National Bancorp Inc., parent company of Union National Bank in Westminster, has re- ported earnings of $633,073 for the third quarter of this year.

Total-year earnings through Sept. 30 were $1,952,762, a 9 percent increase over the same period a year ago.

Average assets year-to-date are $264.7 million, up 15.21 percent over 1997.

Carroll County Bank owner reports net income up 10%

Mason-Dixon Bancshares Inc., parent company of Carroll County Bank and Trust Co., has reported net income of $2.52 million for the third quarter of the year, up 10 percent over 1997.

For the nine months ending Sept. 30, net income totaled $8.08 million, up 20 percent from 1997.

Earnings per share from core earnings were 50 cents for the quarter, an 11 percent increase over the same period last year. Earnings per share for the first nine months were $1.59.

For the third quarter, net interest income increased 19 percent.

Total assets as of Sept. 30 were $1.083 billion, up 10 percent over last year. Deposits were $613 million.

Pub Date: 10/25/98

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