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BUSINESS
April 18, 1991
Baltimore Bancorp, the parent of the Bank of Baltimore, has reported first-quarter earnings of $5.08 million, or 40 cents a share, compared with $5.1 million, or 40 cents a share, for the year-ago period."
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NEWS
By Michael Bodley, The Baltimore Sun | June 10, 2014
First Mariner Bancorp corrected a week-old filing with the Securities and Exchange Commission to say that its stock would continue trading and likely be listed on the over-the-counter "Pink Sheets. " The parent company of 1st Mariner Bank said its June 3 SEC filing was inaccurate in a new filing on Monday. Last week, First Mariner reported to the SEC that its stock would stop trading after the Financial Industry Regulatory Authority warned the company that a failure to file a quarterly report by June 23 would result in the stock being delisted from the OTC Bulletin Board.
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BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | March 9, 1994
A shareholder suit claiming Baltimore Bancorp committed securities fraud in denying that it was in merger talks with Mellon Bank Corp. of Pittsburgh has been withdrawn in the face of a threatened motion to have the plaintiff and his lawyer sanctioned.The company, parent of the Bank of Baltimore, and lawyers for shareholder Francis Jemellaro and other stock owners, agreed Friday to dismiss a suit that was filed in U.S. District Court on Jan. 21.The end of the ill-fated lawsuit came in a tart exchange of letters between the bank's lawyers at Miles & Stockbridge and Charles J. Piven, the attorney for Mr. Jemellaro and the other class-action plaintiffs.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 25, 2014
The parent company of Howard Bank in Ellicott City says it has agreed to purchase an NBRS Financial Bank branch in Havre de Grace. The Ellicott City-based Howard Bancorp did not disclose the terms of the deal but said it expects to take over $21 million in deposits and $17 million in loans. NBRS's parent, Cecil County-based Rising Sun Bancorp, negotiated the deal while under intense pressure to increase its cash on hand. Just under three weeks ago, the Federal Reserve gave the company 60 days to raise capital or sell itself.
BUSINESS
August 23, 1991
U.S. District Judge Marvin J. Garbis has ruled that a stockholder's suit against Baltimore Bancorp will be a class-action case. The decision could open the bank-holding company to larger damages if the shareholder is successful in the suit.Baltimore Bancorp is the fifth-largest banking operation in the state and is the parent of the Bank of Baltimore.The case was brought by Frank Tischler of Parkton, who bought 500 shares of Baltimore Bancorp at $9.50 a share on Aug. 31, 1990. The value of the stock subsequently declined to $5.125 a share on Nov. 1, 1990.
BUSINESS
By Staff Report | January 14, 1994
After prodding from stock exchange officials, Baltimore Bancorp Inc. disclosed yesterday that it was in preliminary discussions with several banking companies about a possible sale.The bank holding company said it had hired investment banker Alex. Brown & Sons Inc. to provide financial advice. Baltimore Bancorp, with $2.3 billion in assets and 42 branches, did not disclose the names of the suitors."We firmly believe that our progress and unique position in the Baltimore market continues to make us an attractive acquisition candidate," Edwin F. Hale Sr., chairman and chief executive said in a statement.
BUSINESS
By Blair S. Walker | May 10, 1991
The war of words at Baltimore Bancorp escalated in a very public way yesterday.Wracked by a power struggle between management and a group of dissident shareholders, Baltimore Bancorp put it's side of the story in The Sun, The Evening Sun and the Daily Record. In an ad addressed to shareholders, the firm attacked the credentials and abilities of the 16 shareholders trying to wrest control from Chief Executive Officer Harry L. Robinson and his board.The insurgents, who claim that Baltimore Bancorp is TC mismanaged and a chronic underperformer, are led by Edwin F. Hale Sr., the owner of Baltimore-based trucking and shipping companies.
BUSINESS
By David Conn and David Conn,Staff Writer | January 27, 1994
Baltimore Bancorp, parent of the Bank of Baltimore, capped off its second profitable year in a row with an increase of nearly 300 percent in its fourth-quarter earnings.In the final three months of last year, Baltimore Bancorp earned $1.2 million, or 7 cents a share, compared with earnings of $312,000, or 2 cents a share, a year earlier, the company said yesterday.Despite decreases in "core earnings" -- the profits from such traditional banking services as borrowing and lending -- Baltimore Bancorp improved its balance sheet and loan portfolio during the quarter, measures that should make it more attractive as a takeover candidate.
BUSINESS
By David Conn and David Conn,Staff Writer | April 28, 1992
Baltimore Bancorp has filed suit against its former attorneys, alleging legal malpractice and breach of fiduciary duty and asking the court to relieve the banking company of its hefty legal bill.The lawsuit, filed last week in the Superior Court of Washington, claims attorney Dennis Gingold and his law firm, Dickstein, Shapiro & Morin, leaked confidential information to the press, poisoned the company's relations with federal regulators and improperly advised current and former directors of the company about their resignations from the board.
BUSINESS
By Peter H. Frank | April 16, 1991
A powerful group of dissident shareholders is gearing up for an attack on Baltimore Bancorp, proposing to replace much of the banking company's board when shareholders meet next month.The burgeoning effort, which would pit many of the most prominent businessmen, bankers and politically connected executives in the region against one of Baltimore's largest banking companies, is apparently an outgrowth of Baltimore Bancorp's bitter rejection of a takeover offer last year.The effort reflects the rancor of shareholders that first surfaced a year ago when the parent of the Bank of Baltimore firmly and successfully spurned the unwanted $17-a-share buyout bid from First Maryland Bancorp, owner of First National Bank of Maryland.
BUSINESS
The Baltimore Sun | January 6, 2014
Severn Bancorp Inc. announced it lost about $4 million on the recent sale of $15 million of underperforming loans as it continues to clean up its balance sheet. The loss will apear as a pre-tax charge in the fourth quarter earnings for the parent of Severn Savings Bank, the Annapolis-based company said. The savings bank sold loans with a book value of about $15 million, including $12 million of non-performing loans, for $11 million. The non-performing loans were primarily residential.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 18, 2013
Baltimore County's Fairmount Bancorp Inc. said Monday its bank, Fairmount Bank, is now a state-chartered commercial bank, after converting from a federally chartered savings bank last week. "We believe the Maryland commercial bank charter will be a better fit as we continue to transform our balance sheet and product mix to more effectively pursue our banking strategies," CEO and president Joseph M. Solomon said in a statement. Fairmount Bank had $78.7 million in assets at the end of June, according to the Federal Deposit Insurance Corp.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 15, 2013
First Mariner Bancorp faces a year-end deadline to pay millions in interest or risk default. The company's weak finances and the regulatory constraints on its bank, 1st Mariner Bank, leave the Baltimore-based holding company with few options, said banking experts who have reviewed the Baltimore company's regulatory fillings. "The question comes up: Now what do they do?" said banking consultant Bert Ely. "They are in between a rock and a hard place. " First Mariner, in a statement, said the pending interest payment is an issue affecting only the parent company - not 1st Mariner Bank, which will continue to operate as usual with deposits insured by the Federal Deposit Insurance Corp.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 11, 2013
The Treasury Department announced it intends to sell securities of six banks, including Severn Bancorp Inc. of Annapolis, as it winds down the Troubled Asset Relief Program. TARP was created five years ago to stabilize the country's financial system during the financial crisis. The government provided banks with capital in exchange for dividend-paying preferred stock. Severn, the parent of Severn Savings bank, received nearly $23.4 million, but is behind on six dividends payments totaling $1.75 million, according to a Treasury report released this week.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 5, 2013
Patapsco Bancorp Inc. announced Monday that Phil Phillips has been named president and CEO of the Dundalk-based bank holding company. Phillips, who had been executive vice president, replaces Michael J. Dee, who resigned from the positions he had held since 2006. Dee, 53, also stepped down as a board director. In a news release, the company said Dee served the bank "during a very difficult period" and that he would remain employed with the bank during a transitional period. John M. Wright, senior vice president and chief financial officer, said the company would not say why Dee resigned, although he said it had nothing to do with regulatory action against the company last year.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 14, 2013
For a decade, 1st Mariner's name adorned the Baltimore arena, but now the bank's parent company says it does not plan to bid for naming rights that expired last year. The bank's parent company has talked about the price for naming rights with Legends Sales and Marketing, a New York-based company hired by arena manager SMG Holdings to manage the sale. "We talked some numbers. We weren't close to what they're suggesting," said Dennis Finnegan, executive vice president of retail banking at First Mariner Bancorp.
BUSINESS
By Timothy J. Mullaney | May 1, 1991
A group of dissident Baltimore Bancorp shareholders said yesterday that it will fire Baltimore Bancorp Chief Executive Harry L. Robinson if it is successful in gaining control of the board.Baltimore businessman Edwin F. Hale Sr. said he and other Baltimore Bancorp shareholders have formed a shareholders' committee for the purpose of soliciting proxies from shareholders. The announcement said that the group would install Charles Whittum, a former executive at Union Trust (now Signet Bank/Maryland)
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 17, 2013
A decade ago, Maryland's three largest banks were based in Baltimore. Allfirst, the biggest with nearly $17 billion in assets, fell victim to a foreign-exchange trading scandal that resulted in the bank being sold to a New York institution. Out-of-state competitors bought out the other two several years later. Throughout that time, Sandy Spring Bank in Olney operated and grew in their shadow. Today, it's the largest bank headquartered in Maryland, with assets at nearly $4 billion as of the end of last year.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 7, 2013
Annapolis Bancorp Inc. said it has repaid $4.07 million to the U.S. Treasury, wiping out the bank holding company's remaining obligation under the federal Troubled Asset Relief Program. TARP was created during the 2008 financial crisis to provide capital to banks in exchange for dividend-paying shares. Annapolis Bancorp, parent of BankAnnapolis, received $8.15 million in TARP money in January 2009 and had repaid half of that last year. The company said that over the years, it paid out $1.4 million in dividends to the government.
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