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By Hanah Cho, The Baltimore Sun | February 15, 2011
With the financial markets falling apart in late 2008, the parent of Baltimore County Savings Bank figured it couldn't hurt to have more capital on hand. So BCSB Bancorp applied for the federal banking bailout program and received $10.8 million in aid, believing the U.S. Treasury's stated intention that the investments would be available only to "good banks," said Joseph J. Bouffard, the bank's president and chief executive. Given the public's negative perception of the Troubled Asset Relief Program, or TARP, Bouffard was thrilled last month when his Perry Hall-based company repaid the money in full, plus dividend payments it has already made, becoming the latest bank to exit the controversial program.
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By Yvonne Wenger, The Baltimore Sun | September 3, 2014
The Maryland Food Bank will be joined over the next month by the State Police and the Baltimore Ravens for a communitywide drive to collect food and raise awareness for local families that risk going hungry. The food bank reports that nearly 780,000 Marylanders experience so-called "food insecurity," meaning they don't know if they'll be able to access food for nutritious diet. Other partners joining in the effort - which includes food banks across the country for Hunger Action Month - are the state Department of Transportation, Charm City Run and Giant Food.
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NEWS
By Hanah Cho, The Baltimore Sun | April 27, 2012
State banking regulators closed two Maryland banks Friday, the first two bank failures in the state since 2010. The Maryland Commissioner of Financial Regulation shut down the Bank of the Eastern Shore in Cambridge and appointed the Federal Deposit Insurance Corporation as receiver. The FDIC created the Deposit Insurance National Bank of Eastern Shore to allow customers to access their deposits until May 25. The state financial commissioner also closed HarVest Bank of Maryland in Gaithersburg, whose deposits and other assets were acquired by Sonabank in McLean, Va. HarVest's four branches will reopen during normal business hours as Sonabank's branches.
NEWS
By Yvonne Wenger, The Baltimore Sun | January 24, 2014
The Maryland Food Bank is requesting volunteers on weekdays to sort a backlog of donated food, the charity said Friday. More than half a million pounds of food - the equivalent of 17 tractor trailers worth of food - is sitting in the food bank warehouse at its headquarters in Baltimore County. The food is a mixed assortment from food drives and retail donations, and must be sorted and packed. Officials said the demand is so great that the food volunteers do pack is ordered by soup kitchens, pantries and other groups within 2 hours.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 16, 2012
Delmar Bancorp has no regrets about taking a $9 million investment from the federal Troubled Asset Relief Program, even though some banks have rushed for the exit. "We did it as an abundance of caution," said Ed Thomas, president of the parent of Bank of Delmarva, which serves the still-struggling Eastern Shore. "I'm glad we did it because we didn't know how deep the financial downturn was going to be. " TARP provided capital at an attractive price, he said. Created four years ago as the country's financial system teetered on the verge of collapse, TARP provided more than 700 banks with a combined $205 billion of capital by buying dividend-paying preferred shares.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 7, 2012
It's the billion-dollar question for Maryland banks: Do they need at least that much in assets to survive? "Who knows what the magic number is? A billion, $1.5 billion, $750 million?" said Ronald Paul, chairman of Eagle Bancorp, parent of the second-largest Maryland-based bank, with $2.96 billion in assets. "I can tell you it is getting harder and harder for the smaller bank. " Banks of all sizes are feeling more pressure. Profits are squeezed by historically low interest rates meant to spur borrowing, yet loan demand still remains soft.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 18, 2012
The Treasury Department said Tuesday that it would auction off securities it acquired in 53 banks, including two in Maryland. The government acquired these preferred shares and subordinated debt positions as part of the Trouble Asset Relief Program, which was created four years ago to prevent a widespread collapse of the financial system. Under TARP, the government provided banks with capital in exchange for interest-paying securities. Now that the Treasury is winding down TARP, the government has been auctioning off the bank securities.
NEWS
By Consella A. Lee and Consella A. Lee,SUN STAFF | March 13, 1996
When depositors in other banks lost their life savings during the Great Depression of the 1930s and the savings and loan scandals of the 1980s, those who kept their money at Glen Burnie Mutual Savings Bank never lost a nickel.When other Maryland banks were swallowed by corporate giants, the little bank in a red brick building at 1 S.E. Crain Highway remained unscathed. Now, bank officials are preparing to celebrate that century of operation.They have had bronze 100th anniversary coins struck to give to account holders as keepsakes.
NEWS
By DAN BERGER | November 12, 1992
Somebody is fishing for money in Maryland banks with hook and line. The approved way to get money out of banks is to dangle the right lure.Bill won nomination as a New Age conservative Democrat. He won election as a traditional liberal Democrat. Now he begins thinking about what he wants to be next.What if Russia went to war against the Chechen Republic and the Chechen Republic won?
BUSINESS
February 28, 1991
C&S/Sovran Corp., parent of Sovran Bank/Maryland, said yesterday that it will unify its community banking operations in Washington, Maryland and Northern Virginia.The company said J. Harold Chandler will oversee the combined operations and become chief executive of its Washington and Maryland banks.Ralph Hicks will continue as president of Sovran Bank/Maryland, the company said, and Al D'Alessandro will become acting president of the Washington bank, replacing Robert P. Pincus, who resigned Tuesday.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | June 27, 2013
George W. Bauernschmidt Jr., a retired banker and avid gardener, died June 19 of multiple system atrophy at his Severna Park home. He was 89. The son of Rear Adm. George W. Bauernschmidt Sr. and Maude Pearce, a homemaker, George William Bauernschmidt Jr. was born in Long Beach, Calif. He was the scion of a prominent Baltimore brewing family and grandson of Marie Oehl von Hattersheim Bauernschmidt, a well-known Baltimore political crusader for 40 years who died in 1962. Because of his father's naval career, Mr. Bauernschmidt spent his early years in California, Samoa, Hawaii and Washington, where he graduated in 1942 from St. Albans School.
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.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | February 6, 2013
Henry S. Baker Jr., a retired banker and community leader, died Saturday from complications of a tumor at Keswick Multi-Care Center. The longtime Monkton resident was 86. The son of Henry S. Baker Sr., treasurer of the Johns Hopkins University, and Frances Innes Robinson, a registered nurse who worked for Dr. Howard A. Kelly, a founder of Johns Hopkins Hospital, Henry Scott Baker Jr. was born in Baltimore and raised on St. Georges Road in Roland...
NEWS
By Ian Duncan, The Baltimore Sun | January 31, 2013
The Rev. Vernon Dobson, a Baptist minister and civil rights leader, died Saturday of complications of a stroke. He was 89. As a leading figure in Baltimore's civil rights movement, Mr. Dobson lived a life molded by the struggle for equality — a struggle he continued into his last years — and as a pastor who believed that the church should play an important part in the fight. Campaigning took a hold on Mr. Dobson's life early on. Talking to The Baltimore Sun in 1998, he described demonstrating against segregation as a young child with his mother in the 1930s.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 18, 2012
The Treasury Department said Tuesday that it would auction off securities it acquired in 53 banks, including two in Maryland. The government acquired these preferred shares and subordinated debt positions as part of the Trouble Asset Relief Program, which was created four years ago to prevent a widespread collapse of the financial system. Under TARP, the government provided banks with capital in exchange for interest-paying securities. Now that the Treasury is winding down TARP, the government has been auctioning off the bank securities.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 7, 2012
It's the billion-dollar question for Maryland banks: Do they need at least that much in assets to survive? "Who knows what the magic number is? A billion, $1.5 billion, $750 million?" said Ronald Paul, chairman of Eagle Bancorp, parent of the second-largest Maryland-based bank, with $2.96 billion in assets. "I can tell you it is getting harder and harder for the smaller bank. " Banks of all sizes are feeling more pressure. Profits are squeezed by historically low interest rates meant to spur borrowing, yet loan demand still remains soft.
BUSINESS
By Timothy J. Mullaney Ross Hetrick of The Sun's Business staff contributed to this article | February 9, 1992
Maryland banks' financial standing slipped during the second quarter of 1991, according to a new report by IDC Financial Publishing Inc., and the study's editor said the next report will show that the slide continued during the third quarter."
NEWS
October 11, 2006
As an institution, the Mercantile-Safe Deposit & Trust Co. epitomized the banker's bank. Influential. Exclusive. Conservative. Rock-steady and highly profitable. Its history, pedigree and management under its previous chairman made the Merc the largest independent bank in Maryland. But that distinction is no longer relevant in today's world of finance, which is why the sale of Mercantile Bankshares Corp., to Pittsburgh-based PNC Financial Services Group is hardly surprising - and why the sale will have more of a psychological impact on Baltimore and Maryland than a financial one. The Merc was an institution - and a legend - from its founding as a financial safe house for wealthy Marylanders during the Civil War to its business dealings and corporate philanthropy.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 16, 2012
Delmar Bancorp has no regrets about taking a $9 million investment from the federal Troubled Asset Relief Program, even though some banks have rushed for the exit. "We did it as an abundance of caution," said Ed Thomas, president of the parent of Bank of Delmarva, which serves the still-struggling Eastern Shore. "I'm glad we did it because we didn't know how deep the financial downturn was going to be. " TARP provided capital at an attractive price, he said. Created four years ago as the country's financial system teetered on the verge of collapse, TARP provided more than 700 banks with a combined $205 billion of capital by buying dividend-paying preferred shares.
NEWS
By Mary Gail Hare, The Baltimore Sun | October 25, 2012
Pop tunes blasted from loudspeakers into the cavernous warehouse at the Maryland Food Bank on Thursday, energizing about 300 volunteers filling 15,000 boxes with holiday staples for the needy. "You can get exercise, help those who don't have a meal for the holiday, and then there's the whole camaraderie thing with your co-workers," said Gerri Gardner, the liveliest of the CSX railroad's packing team, which included workers from MTA and MARC trains. This time of year, the bank, which distributes food to about 600 soup kitchens, pantries and shelters across the state from its Halethorpe headquarters, gears up for its own Thanksgiving rush.
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