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BUSINESS
By New York Times News Service | December 21, 1990
Several large banking companies announced steps yesterday to cushion themselves against rising loan losses, offering further evidence of the worsening loan situation at banks and of how broadly the problems are spread geographically.NCNB Corp. in Charlotte, N.C., said yesterday that its 1990 profits would shrink because the bank had set aside $55 million to $65 million for bad loans in the fourth quarter.Most of those loans are not paying interest or are uncollectible. Bad loans will reduce net income this year to about $360 million from $447 million last year, the company said.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 9, 2012
First Mariner Bancorp announced Friday that it is dropping out of an agreement that called for Priam Capital Fund I, a New York investment firm, to invest $36.4 million in the Baltimore-based bank holding company. "Circumstances of the bank have changed considerably since we entered into the agreement over a year and a half ago, and the board of directors believed it was in the best interest of the company to withdraw from the agreement at this time," said CEO Mark A. Keidel in a statement.
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BUSINESS
By New York Times News Service | April 21, 1992
Nationsbank, the country's fourth-largest banking company, said yesterday that its first-quarter profits increased 95 percent, while Chase Manhattan reported earnings rose 20.5 percent.Like most other banking companies, Nationsbank and Chase said their first-quarter results benefited from a wider spread between the interest rates they paid for deposits and the rates they collected on loans and increased collections of fees from consumers.Both were badly hurt by losses on real estate loans the last few years, but Nationsbank seems to be recovering more quickly than Chase.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | December 20, 2011
Sandy Spring Bancorp, an Olney-based banking company, said Tuesday it will buy CommerceFirst Bancorp of Annapolis in a cash and stock deal valued at $25.4 million. Both Sandy Spring, which has $3.6 billion in assets, and CommerceFirst, with $205 million in assets, trade on the Nasdaq stock market. CommerceFirst shareholders will be allowed to choose Sandy Spring common stock or cash, or a combination of both, the companies said. The transaction is expected to close in the second quarter of 2012.
NEWS
By David Conn and David Conn,Sun Staff Writer | March 21, 1994
Baltimore Bancorp, one of Maryland's few remaining locally based banking companies, announced today that it has agreed to be acquired by First Fidelity Bancorporation of Lawrenceville, N.J., for $346 million in cash, or $20.75 a share.The news caps weeks of takeover speculation about the fate of Baltimore Bancorp, parent of the Bank of Baltimore. The 42-branch company, which has $2.2 billion in assets, has gone through a three-year struggle to survive a bitter management fight and large real estate-related losses, before returning to profitability in 1992 and 1993.
BUSINESS
By Peter H. Frank | April 25, 1991
Compared with other large banking companies, Mercantile Bankshares Corp. could have thrown a party yesterday at its annual shareholders meeting.But not this year.Given the sorry state of the nation's banking industry, there was little to celebrate -- even for Mercantile, whose performance last year measured at or near the top of most industry lists."1990 was an extraordinary environment, to say the least, in the banking industry," H. Furlong Baldwin, chairman and chief executive of Mercantile, told a small gathering of shareholders yesterday.
BUSINESS
By Peter H. Frank | April 3, 1991
The president and chief executive of Bank Maryland Corp., E. Neil Jacobs, has resigned from the Towson-based banking company after a year at the helm.Hildebert F. Criste, chairman of Bank Maryland, will act as interim president and chief executive while the company searches for a replacement, Theresa D. Livesey, the company's chief financial officer, said yesterday.Mr. Jacobs, 53, joined Bank Maryland last April after leaving Equitable Bancorporation during its merger with MNC Financial Inc.Mr.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 16, 1991
Three large New York banking companies -- Citicorp, Manufacturers Hanover and Chemical -- announced poor quarterly results yesterday, reflecting losses on loans for real estate projects and some corporate takeovers. The losses overshadowed the benefits of falling interest rates and cuts in their work forces.In California, Wells Fargo said its profits fell slightly because of the costs of acquiring failed savings associations and an increase in troubled real estate loans.Among other California banking companies, Security Pacific announced a large loss for the quarter and First Interstate posted a profit.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | February 25, 1994
Now that national interstate banking appears imminent, bankers in Maryland are reacting exactly as the situation demands: They're simply conducting business as usual.The bill that passed the Senate Banking Committee Wednesday provides for a one-year waiting period before interstate banking would take place -- that's one year from an expected Memorial Day bill signing, assuming the legislation continues to move smoothly through Congress.The Senate bill also calls for a two-year delay before companies may merge their subsidiaries into one multistate branch network.
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 Eileen Ambrose, The Baltimore Sun | August 26, 2011
First Mariner Bancorp says it has been notified by Nasdaq Stock Market that it still fails to meet the standards to remain listed on the exchange, according to documents filed with securities regulators on Friday. Nasdaq had given the Baltimore-based bank holding company an extension until Aug. 22 to raise its stock price to meet the $1 per share minimum for being listed. First Mariner said it appealed Nasdaq's finding during a hearing held Thursday, and the results are expected within 30 days.
BUSINESS
By Jay Hancock | January 16, 2011
Even before Deutsche Bank started trying to foreclose on Hosea and Bernice Anderson's Columbia house, they wondered: Exactly who owned their mortgage? They had borrowed $277,250 from Wilmington Finance in 2006 and later fell behind on the payments. In 2008, Deutsche Bank initiated foreclosure, saying it was the mortgage's new owner. Prove it, the Andersons said. That turned out to be very difficult. Like many bankers a few years ago, the financiers dealing with the Andersons' mortgage seemed to have been more interested in packaging and flipping the note and collecting the accompanying fees than in maintaining proper ownership records.
BUSINESS
By Jay Hancock | September 23, 2009
The last time regulators ordered Ed Hale to fix a money-losing bank or have it seized by the government was the early 1990s. The trucking executive had gained control of the Bank of Baltimore, which lent itself into trouble in the last real estate crash. Hale and other dissident shareholders took over the board, pulled the bank from a pit and made millions of dollars when they sold it to First Fidelity a couple of years later. Now that 1st Mariner Bank is in the same flavor of soup, Hale is suggesting he can pull off a similar rescue.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | April 19, 2006
First Mariner Bancorp and Sandy Spring Bancorp reported higher first-quarter profits yesterday as the Maryland institutions have joined other banks in expanding beyond traditional services such as deposit-taking and lending to become insurance agents, leasing companies and even landlords. Both banks reported their biggest gains in so-called non-interest income that includes service fees and other business lines. Olney-based Sandy Spring, which has acquired a financial planning company and an insurance agency in the past six months, reported its quarterly net income rose 6 percent to $8.3 million, or 56 cents per share, from $7.9 million, or 53 cents per share, a year ago. Baltimore-based First Mariner, which has expanded its consumer credit division and begun gathering rental income from commercial tenants at its Canton headquarters, reported a 21 percent profit gain to $1.7 million, or 25 cents per share, from $1.4 million, or 22 cents per share, a year ago. Diversification has shielded some banks from forces that are squeezing profit growth at banks across the country after five consecutive years of record earnings.
NEWS
By MARY GAIL HARE and MARY GAIL HARE,SUN REPORTER | November 13, 2005
Jos. A. Bank Clothiers Inc., a Carroll County-based manufacturer, has more than doubled in factory size and added more than 100 jobs in the past year, a success story that grabbed the attention of state officials. Attired in a classic Jos. A. Bank business suit, Gov. Robert L. Ehrlich Jr., escorted by the company's chief executive officer, toured the clothier's distribution center in Hampstead last week, congratulating its employees and making a pitch for Maryland businesses. While striding through the cavernous building, Ehrlich stopped frequently to chat with employees at sewing machines, sorting bins and computers.
NEWS
January 23, 2005
H. Bentley Glass, 98, a former Johns Hopkins University biologist who in the 1950s and 1960s led a provocative life as a writer, scientific policy-maker and theorist, died of pneumonia Jan. 16 at a hospital in Boulder, Colo. His death the day before his 99th birthday followed his prediction in 1967 that people in the 21st century would live to nearly 100, said his daughter, Lois Edgar of Boulder. His most influential scientific accomplishment was his work, begun at Hopkins, on what he called genetic drift.
NEWS
By Stephen E. Nordlinger and Stephen E. Nordlinger,Washington Bureau of The Sun Karen Hosler of The Sun's Washington Bureau and Peter H. Frank of The Sun's business staff contributed to this article | January 3, 1991
WASHINGTON -- Cuts in the prime lending rate spread yesterday as several of the country's largest banks reduced their rate a half percentage point, to 9.5 percent.At the same time, the White House acknowledged that the economy has fallen into a recession, although President Bush hesitated to use the term to describe the economy nationwide.Mr. Bush said Tuesday in an interview with David Frost that "in some areas, we're clearly in a recession, and this concerns me because people are hurting."
BUSINESS
By David Conn and David Conn,Staff Writer | October 2, 1992
State Bank Commissioner Margie H. Muller, in a rare admission from a government official, dismissed her own report on interstate banking as "little more than a yawn."But banking in Maryland and the nation is "on the threshold of a new era" called interstate branching, Ms. Muller argued yesterday, and that calls for the state to exercise extreme caution.Interstate branching, should Congress authorize it, would allow companies such as NationsBank Corp. to dispense with the complications of establishing separate banks in each of the states in which it operates, and merely establish far-flung branches of one bank.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | October 26, 2004
Mercantile Bankshares Corp. said yesterday that it had agreed to sell its headquarters tower in downtown Baltimore for $51.2 million to a Virginia real estate investment company that has been buying commercial properties in the city. Mercantile, the state's largest independently owned bank, would lease back its space in the 21-story building at 2 Hopkins Plaza for at least another decade under its contract with the buyer, Harbor Group International LLC of Norfolk. The sales contract gives the buyer 30 days to complete the deal or opt out of it. The deal is set to close in mid-December.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 20, 2004
First Mariner Bancorp said yesterday that it has agreed to buy its headquarters building in Canton for $20 million from Edwin F. Hale Sr., the banking company's chairman, chief executive and largest stockholder. The sale of the building, which is expected to be completed in the first quarter, was approved unanimously by First Mariner's group of 14 independent directors, said Joseph A. Cicero, president of First Mariner. "It is a good transaction. I can't say that strong enough," Cicero said.
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