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BUSINESS
By Peter H. Frank | January 15, 1991
In little more than a week, New Englanders were shown a banking industry in turmoil.On Dec. 28, the 28,000 depositors at the Capital Bank and Trust Co. of Boston were told that the bank was closed and that they would have to wait for checks to arrive in the mail before they could get their money. Deposits exceeding $100,000 were not protected.Three days later, the newly elected governor of Rhode Island froze the accounts at 45 credit unions and banks after the institutions' private insurance was wiped out. Depositors were left wondering when they would get their money.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 4, 2012
Depositors of Towson-based Hamilton Bank have approved the conversion of the bank to a publicly traded holding company, to be called Hamilton Bancorp, the company announced Thursday. Hamilton Bank currently is a mutual company owned by its depositors. The conversion is expected to be completed Wednesday, when shares will begin trading on the Nasdaq Capital Market under the HBK symbol. Hamilton plans to sell 3.7 million shares at $10 per share. The bank, with assets reaching nearly $316 million at the end of June, has five branches in Baltimore City and Baltimore and Anne Arundel counties.
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NEWS
By John Rivera and John Rivera,Staff Writer | November 22, 1992
Few people were happier when Jeffrey A. Levitt received a 30-year prison sentence in 1986 than the thousands of Old Court Savings and Loan depositors he swindled out of $14.6 million.Now, 6 1/2 years later, many of the people who led the fight to get their money back say they think Levitt, the former president of Old Court, has served enough time.Since Levitt went to jail, most depositors got back their principal -- without the interest they would have earned during the nearly five years their accounts were frozen -- and the outrage has waned.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 22, 2010
Fairmount Bancorp in Baltimore said Thursday it will begin a stock offering as part of the move to convert Fairmount Bank from a mutual to a stock-based organization. The company said it has received approval from the Office of Thrift Supervision to start the conversion and the stock offering. The company plans to offer 425,000 to 575,000 shares of stock at a price of $10 per share. Shares will first be offered to depositors as of Sept. 30, 2008, and then to the bank's employee stock ownership plan.
NEWS
By MICHAEL OLESKER | November 24, 1992
On the day that Jeffrey Levitt finally beat the system, an insider in the legal fight over his $14 million swindle blinked his eyes in disbelief.''Parole after 7 1/2 years,'' he said softly. ''I never imagined it. I imagined 12 years, at least. I can't imagine how all those depositors feel.''For openers, Old Court Savings and Loan depositors feel thrilled to have any of their cash back. Levitt was the man who swiped their money with both hands, whose greed set off the state's dizzying savings and loan collapse.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 22, 2010
Fairmount Bancorp in Baltimore said Thursday it will begin a stock offering as part of the move to convert Fairmount Bank from a mutual to a stock-based organization. The company said it has received approval from the Office of Thrift Supervision to start the conversion and the stock offering. The company plans to offer 425,000 to 575,000 shares of stock at a price of $10 per share. Shares will first be offered to depositors as of Sept. 30, 2008, and then to the bank's employee stock ownership plan.
BUSINESS
By Thomas Easton and Thomas Easton,Sun Staff Correspondent | January 3, 1991
PROVIDENCE, R.I. -- Depositors in Rhode Island began the new year yesterday with the first emergency bank holiday since VTC President Franklin D. Roosevelt's inaugural in the depth of the Depression.State troopers guarded the entrances to 45 financial institutions as 300,000 depositors with $1.7 billion in assets were faced with the immediate prospect of finding cash elsewhere and the possibility that their money would never be returned.Seven of the smaller institutions among the 45 will reopen Monday, and 15 others are expected to reopen soon, Gov. Bruce G. Sundlun announced yesterday evening.
NEWS
By Norris P. West and Norris P. West,Staff Writer | April 22, 1992
Two former Community Savings and Loan officials were acquitted yesterday of charges they defrauded depositors of millions of dollars to prop up a mortgage company and line their own pockets.After a four-month trial in U.S. District Court in Baltimore, Chief Judge Walter E. Black Jr. returned the innocent verdicts for Clayton C. McCuistion, 49, the thrift's former president, and Barbara A. McKinney, 41, a former Community director and one-time vice president and legal counsel of its defunct holding company.
BUSINESS
May 22, 1998
Baltimore County Savings Bank said yesterday that it has received approval from a federal regulator to raise as much as $19.8 million in a stock offering targeting depositors and customers.The Perry Hall-based savings bank is offering up to 1.98 million shares at a price of $10 each.Shares will be offered on a priority basis to employees, depositors and certain borrowers, the company said.The bank received approval to offer the shares from the Office of Thrift Supervision.BCSB has been operating as a mutual savings bank, which means it is owned by its depositors.
NEWS
By M. Dion Thompson | December 3, 1991
After nearly two years and numerous delays, two officers of a failed Maryland thrift went on trial yesterday in U.S. District Court in Baltimore on charges of conspiracy, and mail and wire fraud -- actions federal prosecutors allege led to the collapse of Community Savings and Loan.The defendants, Clayton C. McCuistion and Barbara A. McKinney, are two of three people indicted in the case. The alleged mastermind, Tom J. Billman, fled the country in 1985, taking with him millions of dollars, prosecutors said.
BUSINESS
By Jane Bryant Quinn and Jane Bryant Quinn,Washington Post Writers Group | December 12, 1999
THERE are so many little ways that banks manage interest rates on savings products. A nip here, a nip there. It's pennies to you and millions to them.My example du jour is Bank One Corp., which operates in 11 states and has the ill luck to have as a customer Joseph Belth, insurance professor emeritus at Indiana University in Bloomington. Belth is the scourge of the insurance industry. His newsletter, the Insurance Forum, publicizes many an industry misdeed.Belth keeps a "market index" savings account at Bank One. Depositors earn 2 percent on amounts up to $15,000.
BUSINESS
May 22, 1998
Baltimore County Savings Bank said yesterday that it has received approval from a federal regulator to raise as much as $19.8 million in a stock offering targeting depositors and customers.The Perry Hall-based savings bank is offering up to 1.98 million shares at a price of $10 each.Shares will be offered on a priority basis to employees, depositors and certain borrowers, the company said.The bank received approval to offer the shares from the Office of Thrift Supervision.BCSB has been operating as a mutual savings bank, which means it is owned by its depositors.
BUSINESS
By Jay Hancock and Jay Hancock,SUN STAFF | October 25, 1997
Following the lead of other small financial institutions that want to raise capital but don't wish to become takeover bait, Baltimore County Savings Bank said yesterday it intends to issue a limited amount of stock under a new structure.The conversion, which requires regulatory approval, would make the thrift a "mutual holding company." That's a relatively new form, created for depositor-owned institutions that want to wade into the public stock markets -- but only so far.BCS, based in Perry Hall with $250 million in assets, essentially would sell up to 49 percent of itself to the public.
NEWS
February 15, 1997
THREE BIG SWISS commercial banks have made a start at righting wrongs from the Nazi era by setting aside $71 million in a fund to compensate needy victims of the Holocaust under terms to be agreed with Jewish organizations. This is more than the $30 million the Swiss suggested earlier and less than the $250 million that some Jewish leaders had proposed. They also suggested that the Swiss government and central bank participate.Almost immediately, a movement to boycott Swiss banks subsided.
NEWS
By Ed Heard and Ed Heard,SUN STAFF | November 1, 1995
A man who suggested he had a weapon robbed a McDonald's employee of the restaurant's cash outside an Elkridge bank Monday morning, Howard County police said.The victim, 38-year-old Michael Vecchioni of Elkridge, was not injured in the robbery at the Elkridge National Bank in the 7200 block of Montgomery Road, police said.About 9:18 a.m., Mr. Vecchioni was going to make a bank transaction when he was stopped in the bank's parking lot by a man who demanded cash and said that he had a weapon.
SPORTS
By Jon Morgan and Jon Morgan,Sun Staff Writer | January 6, 1995
Football fans who put down deposits on club seats and sky boxes at Baltimore's proposed NFL stadium will be offered their money or another six months of waiting in letters being sent out today by officials of Baltimore's failed NFL expansion effort.The fans put down more than $8 million in deposits on 100 sky boxes and 7,500 club seats as part of an NFL-designed test of market strength that ended in August 1993. Similar drives were conducted in the other four cities vying for the two expansion teams awarded a year ago: Memphis, Tenn.
NEWS
November 25, 1992
The purpose of a prison term is to punish, to rehabilitate and to deter others who might consider following the criminal's example. All of these objectives have been served in the case of Maryland vs. Jeffrey A. Levitt. The Maryland Parole Commission has decided to release him in a year, when he will have served about a quarter of his 30-year sentence. So be it.Levitt was the central figure in the massive savings and loan scandal a decade ago. He admitted to stealing $14.6 million from the depositors of Old Court Savings and Loan, igniting the collapse of that $600 million institution and nearly destroying the entire industry in this state.
NEWS
By John Rivera and John Rivera,Staff Writer | November 22, 1992
Few people were happier when Jeffrey A. Levitt received a 30-year prison sentence in 1986 than the thousands of Old Court Savings and Loan depositors he swindled out of $14.6 million.Now, 6 1/2 years later, many of the people who led the fight to get their money back say they think Levitt has served enough time.Since Levitt went to prison, most depositors got back their principal -- but not the interest they would have earned during the nearly five years their accounts were frozen -- and the outrage has waned.
NEWS
August 20, 1993
The BCCI scandal was so immense that it probably is impossible ever to completely untangle it. Thousands of depositors -- fortunately, none in this country -- lost billions of dollars in the shadowy Bank of Credit and Commerce International. Its operations were based in the free-wheeling financial milieu of the Middle East. Some of its principal figures have taken refuge there, out of range of western authorities. A lot of bank regulators hoped the fraud and bribery cases against two prominent Washington lawyers would help unlock some of BCCI's well-guarded secrets.
NEWS
November 25, 1992
The purpose of a prison term is to punish, to rehabilitate and to deter others who might consider following the criminal's example. All of these objectives have been served in the case of Maryland vs. Jeffrey A. Levitt. The Maryland Parole Commission has decided to release him in a year, when he will have served about a quarter of his 30-year sentence. So be it.Levitt was the central figure in the massive savings and loan scandal a decade ago. He admitted to stealing $14.6 million from the depositors of Old Court Savings and Loan, igniting the collapse of that $600 million institution and nearly destroying the entire industry in this state.
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