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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 19, 1996
Crestar Financial Corp., which last month captured a chunk of Baltimore's banking market with the acquisition of Loyola Capital Corp., said yesterday that it earned a record $209.1 million for the year.Full-year earnings were up 14 percent from 1994 excluding nonrecurring merger charges associated with the Loyola acquisition, the company said.Crestar earned $55.6 million, or $1.28 a share, excluding the one-time charge of $29.3 million in the fourth quarter.Richard G. Tilghman, Crestar's chairman and chief executive, said the year was a success because the company completed five acquisitions and increased profits.
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BUSINESS
By New York Times News Service | February 21, 1995
Remember the credit crunch, when executives and entrepreneurs around the country squawked that banks had raised standards so high that no one could get a loan?Well, the only crunch today is the sound of bankers slamming into each other as they race to shower loans on business and consumers.But now that banks are lending again with gusto, helping to fuel the rebound in the economy, banking officials warn that the industry is getting caught up in another frenzy likely to end badly. The fear is that banks are taking too many risks and losing sight of some cautious practices instituted after the collapse of the commercial real estate market in the late 1980s.
NEWS
By Jason DeParle and Stephen Engelberg and Jason DeParle and Stephen Engelberg,New York Times News Service | June 20, 1993
WASHINGTON -- After what its own auditors call years of neglectful management, the Department of Housing and Urban Development expects to lose as much as $11.9 billion as hundreds of apartment building owners default on their government-insured mortgages.Most of the losses, which are expected to occur in the next few years, would be borne by taxpayers through congressional appropriations. The troubled loans represent more than a quarter of the $43 billion in mortgages insured by the department under programs to encourage the construction of apartment buildings.
NEWS
By Knight Ridder News Service | March 5, 1993
WASHINGTON -- Ask investigators to name the best government computer systems and long silences are likely to follow. Ask for horror stories and the response is rapid.What follows are some of the worst cases cited by computer experts at the General Accounting Office, the House Government Operations Committee and agency inspectors general:* The Veterans Benefit Administration, concerned about taking an average of 151 days to decide whether a veteran was disabled, spent $94 million on a computer system to speed up claims.
BUSINESS
By New York Times News Service | January 20, 1993
Five of the nation's 10 largest banks reported higher tha expected earnings yesterday, leading banking experts to say that the end is in sight for the banking industry's troubles with real estate loans.The billions of dollars of loans, most of them made in the late 1980s for office buildings and other projects,had seemed so shaky just two years ago that government officials, bank executives and industry analysts had issued dire warnings.They said the banking industry might be in danger of a rash of failures similar to those that had earlier plagued savings and loans, forcing a costly federal bailout.
NEWS
By Joan Jacobson and Joan Jacobson,Staff Writer Staff writer Sandy Banisky contributed to this article | August 2, 1992
For two decades, Baltimore has struggled to rebuild itself from the waterfront to the inner city, luring developers with hundreds of millions of dollars in loans.The aid was targeted for projects that bankers deemed too risky to finance on their own, projects that helped create jobs and stabilize neighborhoods as Baltimore transformed itself from a dowdy old port city into a national attraction. Today, many of those projects are flourishing -- the glitzy hotels near the Inner Harbor, a Charles Street shopping arcade, an East Baltimore textile company, senior citizens' housing in North Baltimore.
BUSINESS
By David Conn and David Conn,Staff Writer | April 22, 1992
Towson-based Bank Maryland Corp. reported losses yesterday for 1991 and the first quarter of 1992, though each was about half the size of the comparable year-earlier loss.The banking company, which owns the Bank of Maryland, blamed its 1991 loss of $4.5 million, or $2.25 a share, on the weak economy and the cost of its bad loans.But the loss -- reported late because of a legal dispute concerning deposits purchased from another company -- was less than half the 1990 loss of $11 million, or $5.40 a share.
BUSINESS
By Peter H. Frank | December 18, 1991
Signet Banking Corp. said yesterday that it would lose between $50 million and $55 million in the fourth quarter and post a loss for the year after taking an unexpected and costly step to quickly clear its books of real estate problems.The quarterly loss -- the first for the Richmond, Va.-based company in more than four years -- is the result of the company's decision to set aside $165 million this quarter to cover the anticipated cost of selling bad real estate loans and foreclosed property, the company said.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | October 20, 1991
New York -- When Citicorp, the nation's largest banking company, lays off "a ton" of employees, eliminates a dividend instituted the year before Napoleon abdicated, and suggests the company Christmas party is no longer on the house, it seems the whole industry is sliding closer to an abyss.Despite the bad news delivered last week by Citicorp CEO John Reed, Santa might visit the industry -- even if he is frazzled,leaner and a bit choosier about chimneys. Contrary to some reports -- and high-profile disasters -- U.S. banks may be on the verge of a recovery.
BUSINESS
By Timothy J. Mullaney | August 22, 1991
Both sides in the proxy contest over Baltimore Bancorp have revved up the printing presses again, this time to argue over the meaning of the company's announcement that it will cut its dividend by 40 percent and take a third-quarter loss because of newly soured real estate loans made by the company's Bank of '' zTC Baltimore subsidiary.Shareholders are to vote by Aug. 29 on a plan to add 10 seats to the company's board of directors, enough to let rebel shareholders led by Edwin F. Hale Sr., owner of the Baltimore Blast soccer team, claim a majority.
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