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By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | September 22, 2009
In the latest sign of trouble, 1st Mariner Bank said Monday that it has been placed under more intense federal supervision as Baltimore's largest independent bank continues to struggle with soured real estate loans and its inability to raise cash. The Federal Deposit Insurance Corp. and Maryland Division of Financial Regulation issued a "cease and desist" order Friday, according to documents filed Monday with the Securities and Exchange Commission, requiring 1st Mariner to devise a plan to improve its capital, liquidity and earnings and deal with problem loans.
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NEWS
By Jacques Kelly, The Baltimore Sun | July 27, 2013
Susa Kessler, a retired World Bank analyst who had fled Nazi Germany as a child, died of breast cancer complications Tuesday at Gilchrist Hospice Care. The Canton resident was 88. Born in Stuttgart, Germany, she was the daughter of Dr. Caesar Hirsch, an ear, nose and throat doctor, and Felicia Hearst. Family members said that her father heard that Adolf Hitler and his government planned to blacklist him because he was a Jew. "To avoid arrest, Dr. Hirsch sent his children to Switzerland in the company of their grandmother," said Ms. Kessler's son, John J. "Jack" Condliffe of Timonium.
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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 30, 1999
NationsBank Corp. plans to spend $9 million over the next month to change the name on everything from its Maryland branches and automated telling machines to stationery and business cards.The company is dumping the NationsBank name for Bank of America, with which it merged nearly a year ago.By Aug. 30, 205 branches and 516 ATMs in Maryland will have been shorn of the NationsBank name for Bank of America as part of a sweeping conversion in the mid-Atlantic region.Included in the conversion are 111 branches and 318 ATMs in the Baltimore area.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 26, 2013
Most checking accounts pay little or no interest, and fewer and fewer are free. But at Patapsco Bank in Dundalk, checking customers can earn about 2 percent a year in a free account or choose cash back or even iTunes rewards. And members of Money One Federal Credit Union in Largo can receive as much as 3 percent. Both institutions participate in a national rewards program for community banks and credit unions called Kasasa that helps them structure and market free checking accounts.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | June 9, 1999
Mercantile Bankshares Corp. said yesterday that it is boosting its quarterly dividend 9 percent, and adopting a new anti-takeover plan.Directors of the state's largest independently owned banking company, which has $7.6 billion in assets, voted to raise the dividend by 2 cents to 24 cents a share payable June 30 to stockholders of record June 18.The increase marks the 23rd consecutive year of dividend increases at the Baltimore-based banking company."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 23, 2000
Shares of Mercantile Bankshares Corp. continued their recent ascent yesterday, pushing to yet another high and chalking up a 10.8 percent gain for the week. Analysts attributed the strength in the shares of the state's largest independently owned banking company to investors who are seeking havens for their money. Mercantile rose 12.5 cents to $43.69 yesterday. The shares have risen 13.9 percent in December alone, and 36.8 percent since the year began. "What is driving it is the flight to quality that is permeating the marketplace," said Gerard Cassidy, a banking analyst at Tucker Anthony Capital Markets, a Boston-based brokerage firm.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 9, 1998
H. Furlong Baldwin, chairman and chief executive of Mercantile Bankshares Corp., will run Maryland's largest independent banking company for another 14 months, after directors voted yesterday to extend his contract to Feb. 1, 2000.The directors also authorized Mercantile to buy back up to 3 million shares of its common stock, and approved a quarterly dividend of 22 cents per share, payable Dec. 31, to stockholders of record as of Dec. 22. The dividend matched the 22 cents paid to shareholders in September and June.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 15, 1999
Mercantile Bankshares Corp.'s net income rose 4.7 percent in the first quarter, driven by its growing trust business and tight expense controls.The company made $37.2 million in the first quarter that ended March 31, compared with $35.5 million in the corresponding period a year earlier. Net income per share jumped 8.2 percent in the quarter to 53 cents per share, compared with 49 cents in the 1998 period."Another solid quarter for the Merc," said John J. Rezai, a banking analyst at Blaylock & Partners LP.Baltimore-based Mercantile, which is the state's largest independently owned banking company, met Wall Street expectations, according to 10 analysts surveyed by Zacks Investment Research.
BUSINESS
By Peter H. Frank | November 7, 1990
State-chartered banks in Maryland suffered a 37 percent decline in net income during the third quarter as the cost of bad loans soared compared with a year ago.In all, the 78 state-chartered banks reported total income of $41.6 million for the three months ended Sept. 30, down from last year's earnings of $66.3 million, according to figures released this week by state regulators.Fueled in large part by souring real estate loans, the lenders' earnings suffered primarily from a collective addition of $42.5 million to reserves aimed at covering the future costs of problem loans.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | July 23, 1991
The immediate beneficiaries of the proposed merger between banking giants NCNB Corp. and C&S/Sovran Corp. could be their smaller rivals, who may capitalize on the initial confusion that usually comes with such combinations."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 31, 2012
First Mariner Bancorp reported Wednesday that it earned $7.9 million in the quarter ended in September, the third quarter in a row that the struggling parent of 1st Mariner Bank reported a profit. On a per-share basis, the Baltimore-based holding company earned 42 cents for the quarter. First Mariner experienced the opposite result for the corresponding quarter a year ago, when it lost $7.9 million, or 42 cents a share. For the first nine months of its fiscal year, the company earned $15.4 million, or 82 cents per share, compared with a loss of $26.7 million last year.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | December 23, 2011
Edwin F. Hale Sr., the Baltimore trucking magnate and developer, said Friday that he has retired as chief executive and chairman of First Mariner Bancorp — the banking company he built, only to scramble in the housing market collapse and recession to save it from failure. In the end, he hopes his earlier-than-expected exit will help. Hale, who stepped down on Thursday, said he thinks it will be easier for the Baltimore company to raise capital without him at the helm. The 1st Mariner Bank parent struck a deal in April to get a desperately needed $36.4 million cash infusion from a New York firm if it can first drum up $123.6 million more from investors.
BUSINESS
By Eileen Ambrose and Jamie Smith Hopkins, The Baltimore Sun | March 31, 2011
Auditors have raised doubts about First Mariner Bancorp's ability to remain in business, according to financial statements that the largest Baltimore-based bank, founded by prominent businessman Edwin F. Hale Sr., filed with regulators late Thursday. Stegman & Co., the auditor hired by First Mariner to review its finances for its annual report, said the company "has suffered recurring losses and has a limited capital base. These conditions raise substantial doubt about its ability to continue as a going concern.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 28, 2011
Baltimore-based Wilmington Trust Federal Savings Bank, which provides commercial banking and wealth management, has entered into an agreement with federal regulators to boost capital levels and reduce bad loans on its books. The agreement, reached last month, comes as the bank's parent, Wilmington Trust Corp., is being acquired by M&T Bank Corp., but bank officials and analysts said the regulatory scrutiny is not expected to affect the merger. The Office of Thrift Supervision found that Wilmington Trust Federal Savings "has engaged in unsafe or unsound practices.
BUSINESS
By Eileen Ambrose, Lorraine Mirabella and Gus G. Sentementes, The Baltimore Sun | November 5, 2010
K Bank on Friday became the latest Maryland bank to fail after its board of directors — unable to turn around the finances or find a buyer — took the rare step of voting to turn over the Owings Mills-based institution to state regulators. Immediately after the regulator takeover, the bank's deposits and most of its assets were sold to regional rival M&T Bank. K Bank's seven branches will reopen Saturday as M&T Bank. This is the second failed Maryland bank taken over by M&T, which also purchased Bradford Bank in Towson last year.
BUSINESS
By Hanah Cho, The Baltimore Sun | August 9, 2010
When Bay Bank took over the failed Bay National Bank last month, little was known about the newly created thrift other than it has a name similar to its predecessor. Some things haven't changed. Bay Bank retained all of Bay National's 22 rank-and-file employees. And like Bay National Bank in its early years, the new Bay Bank plans to focus on providing a "very high level" of customer service and loan products tailored for small- and medium-size businesses, according to Kevin Cashen, who took over as chief executive.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 31, 2012
First Mariner Bancorp reported Wednesday that it earned $7.9 million in the quarter ended in September, the third quarter in a row that the struggling parent of 1st Mariner Bank reported a profit. On a per-share basis, the Baltimore-based holding company earned 42 cents for the quarter. First Mariner experienced the opposite result for the corresponding quarter a year ago, when it lost $7.9 million, or 42 cents a share. For the first nine months of its fiscal year, the company earned $15.4 million, or 82 cents per share, compared with a loss of $26.7 million last year.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 4, 1997
Shares of Alex. Brown Inc.'s stock jumped 7.9 percent yesterday on speculation that it is in merger talks with Bankers Trust New York Corp., the nation's seventh largest banking company.The Baltimore-based brokerage and investment banking firm's stock ended the day up $3.25 a share to close at $44.625. Wednesday the stock closed at $41.375 a share, a low for the year.A. B. "Buzzy" Krongard, Alex. Brown's chairman and chief executive, and Mayo A. Shattuck III, president and chief operating officer, were said to be traveling and could not be reached for comment.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 13, 2010
Two bank failures in a single day last week in the Baltimore region are a stark reminder to make sure your accounts are federally insured. One account at Baltimore's Ideal Federal Savings Bank at the end of March had $602,000 of uninsured money — more than twice the amount of the standard insurance limit, according to banking analyst Bert Ely, who noticed the account on the latest financial reports available from the bank. Ideal and Bay National Bank of Lutherville closed Friday.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | September 22, 2009
In the latest sign of trouble, 1st Mariner Bank said Monday that it has been placed under more intense federal supervision as Baltimore's largest independent bank continues to struggle with soured real estate loans and its inability to raise cash. The Federal Deposit Insurance Corp. and Maryland Division of Financial Regulation issued a "cease and desist" order Friday, according to documents filed Monday with the Securities and Exchange Commission, requiring 1st Mariner to devise a plan to improve its capital, liquidity and earnings and deal with problem loans.
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