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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.
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NEWS
By Jacques Kelly, The Baltimore Sun | March 1, 2013
Dennis W. Kreiner, a former Mercantile-Safe Deposit and Trust Co. senior vice president, died of complications from diabetes Monday at his home in Phoenix, Baltimore County. He was 66. Born in Baltimore, he spent his early childhood in the Latrobe Homes in East Baltimore. He later lived with an uncle, William Kohler, a chief district courts commissioner, and an aunt, Margaret Kohler, a hairdresser, who lived on Cedarcroft Road in the Idlewood neighborhood of Baltimore. Mr. Kreiner attended St. Matthew School in Northwood and was a 1964 Loyola High School graduate.
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BUSINESS
January 15, 1992
Earnings for this Baltimore-based banking company, the parent of Mercantile-Safe Deposit and Trust Co., increased slightly in both the fourth quarter and the full year despite a rise in problem loans that held down earnings growth.With its conservative management and fees from its large trust operation, Mercantile has weathered the downturn in banking and continues to consistently post higher earnings.But, according to Mercantile President Edward K. Dunn, the troubled economy has affected the $5 billion banking company.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | October 19, 2012
Lois W. Uram, a retired Mercantile-Safe Deposit & Trust Co. accountant, died Oct. 9 of complications from dementia at Gilchrist Hospice in Towson. She was 82. The daughter of a certified public accountant and a homemaker, Lois A. Weidemuller was born and raised in Bellevue, Pa., where she graduated in 1949 from Bellevue High School. She studied bookkeeping at night in Pittsburgh while working for the Federal Reserve Bank there. In 1955, she married John Uram, who taught in Baltimore County public schools, and the couple moved to Arbutus.
BUSINESS
BY A SUN STAFF WRITER | November 2, 1995
Mercantile Bankshares Corp. said yesterday it completed its acquisition of Sparks State Bank in a deal valued at $49.5 million.Sparks will become an affiliate of Mercantile, a $6.3 billion-asset banking company based in Baltimore. Sparks will retain its board of directors and employees.Shareholders of the $200 million-asset Sparks will receive 2.33 shares of Mercantile common stock for each share they own. Sparks has 771,241 outstanding shares.The final price was based on yesterday's closing price of $27.50 for Mercantile's stock.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | September 14, 1994
Mercantile Bankshares Corp. announced the company's largest-ever dividend increase yesterday, a 17.6 percent boost that will raise the quarterly payout to 20 cents a share from 17 cents.The company also hired a new executive vice president, Jay M. Wilson, and promoted three officers to that rank in its primary subsidiary, Mercantile-Safe Deposit and Trust Co.Baltimore-based Mercantile said it would pay the new dividend Sept. 30 to shareholders of record as of Sept. 23. The company last raised its dividend a year ago, when it also declared a three-for-two stock split.
BUSINESS
By Ross Hetrickand Michelle Singletary and Ross Hetrickand Michelle Singletary,Evening Sun Staff | January 15, 1991
Two major Baltimore-based bank holding companies have reported profitable fourth quarters despite problems facing much of the banking industry.Net income at Mercantile Bankshares Corp. rose by 3 percent. while First Maryland Bancorp's net income dropped by 93.4 percent.At Mercantile, net income for the year was $68.9 million, or $2.32 per share, compared to $66.4 million, or $2.26 per share, for 1989. For the fourth quarter, net income rose by 3 percent to $16.9 million, or 57 cents per share, compared to $16.4 million, or 56 cents per share, for the 1989 fourth quarter.
BUSINESS
October 12, 1990
Net income for Mercantile Bankshares Inc., the parent company of Mercantile-Safe Deposit and Trust Co., edged up slightly during the third quarter hitting $15.9 million, or 57 cents a share.The profit was less than one percent higher than the previous third quarter, when the bank holding company earned $15.8 million, or 57 cents per share. But it was welcomed news in light of the troubles of other banks where large losses are being taken because of the declining real estate market.Net income for the first nine months was $50.2 million, or $1.79 per share, a 4 percent increase over the same period a year ago when Mercantile earned $48.2 million, or $1.73 per share.
BUSINESS
By David Conn and David Conn,Staff Writer | April 14, 1993
Mercantile Bankshares Corp. said yesterday that its first-quarter earnings rose 9 percent compared with the same period a year ago, despite a rise in both operating expenses and the level of nonperforming assets.The company, the parent of Mercantile-Safe Deposit & Trust Co., earned $20.5 million, or 67 cents a share, for the quarter that ended March 31, compared with $18.9 million, or 62 cents a share, a year ago. Interest income rose to $58.3 million from $53.2 million.Mercantile saw a $1.25 million year-to-year increase in nonperforming assets, which hit $95.4 million at the end of the quarter, mostly from nonperforming loans, rather than foreclosed real estate, although both categories had risen.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | March 23, 2007
The chairman of Mercantile Bankshares Corp.'s private wealth management division has joined a Baltimore rival three weeks after PNC Financial Group completed its $6 billion acquisition of the bank. Jeffrey W. Durkee, a former Legg Mason senior vice president who joined Mercantile last April, has been named president of M&T Investment Group, a division of Buffalo, N.Y.-based M&T Bank. The collection of investment subsidiaries has a combined $142 billion in assets under management, or roughly seven times that of Mercantile's wealth management group.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | June 20, 2012
Harry E. Sisk, a retired accountant and Vietnam War veteran, died Saturday of complications from an aneurysm at the University of Maryland Medical Center. The Brooklyn Park resident was 66. Mr. Sisk was born in Baltimore and raised near Patterson Park. He attended city public schools and after enlisting in the Army in 1964, her earned his General Educational Development certificate. Mr. Sisk completed two tours of duty in Vietnam, where he worked in communications. He was discharged in 1968.
ENTERTAINMENT
By Tim Smith and Mary Carole McCauley, The Baltimore Sun | May 7, 2012
The Chesapeake Shakespeare Company, best known for its summer productions outdoors on the hilltop grounds of the 19th-century Patapsco Female Institute in Ellicott City, has purchased a historic site for its second home — the 1885 Mercantile Trust & Deposit Co. building in downtown Baltimore. That distinctive red building, currently the home of the Club Dubai, was purchased for the nonprofit theater company's use by the Helm Foundation at a price of $1.25 million, the first step in a project with an estimated total cost of about $6 million.
BUSINESS
Jay Hancock | December 23, 2011
The winds of economic destruction blow as hard in Baltimore as anywhere else. But business brainpower tends to stay anchored to the land of pleasant living. Alex. Brown is long gone, but the firm's tradition and former employees carry on at Brown Advisory, Signal Hill Capital and other firms. Legg Mason's former securities-research operation runs under the Stifel Nicolaus label. Felix Dawson isn't employed by Constellation Energy any more, but he's still here, working to save the Baltimore Grand Prix.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 6, 2010
Although many locally owned banks in Maryland are continuing to reel from the fallout of the mortgage crisis, BlueRidge Bank sees an opening to expand in the Baltimore region. The Frederick-based bank — the only banking institution to open in the state in more than two years — recently opened an office in Towson to serve business customers. BlueRidge executives plan to open a retail branch in the Baltimore area by the end of the year, while eyeing other parts of Maryland, such as Montgomery County, for growth.
NEWS
By Jacques Kelly, The Baltimore Sun | April 15, 2010
Robert E. Voelkel Jr., who headed the old Mercantile Safe-Deposit and Trust Co.'s mortgage division and later worked in nonprofit housing for the addicted, died of cancer Tuesday at Gilchrist Hospice Care. The Roland Park resident was 78. Born in Baltimore and raised in Hamilton, he attended St. Dominic's School and was a 1949 Loyola High School graduate. He attended the University of Maryland, College Park and Georgetown University before enlisting in the Air Force. He left military service as a lieutenant and earned a civil engineering degree at the Johns Hopkins University.
TRAVEL
By Edward Gunts | ed.gunts@baltsun.com | March 28, 2010
Warren Alfred Peterson, an architect and founding partner of one of the most highly regarded design teams in 20th-century Baltimore, died March 21 of complications from pneunomia in Jamestown, N.Y. He was 81. With Charles Brickbauer, Mr. Peterson in 1963 established Peterson and Brickbauer, a small but influential partnership whose buildings for corporate, institutional and residential clients gained attention and praise far beyond Maryland....
BUSINESS
By Kim Clark | April 11, 1991
A boom in deposits and continued improvements in income from interest pushed up profits for Baltimore-based Mercantile Bankshares Corp. in the first quarter of the year, the company announced yesterday.Mercantile, a holding company that owns 20 small bank companies in Maryland, Virginia and Delaware, said that its net profits rose 4 percent over last year's first quarter to reach $18.5 million at the end of last month. Earnings from loans and fees each rose 6 percent, but an increase in expenses ate up some of the improvement.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | May 23, 2006
Mercantile Bankshares Corp.'s planned acquisition of a Virginia-based bank has been challenged by a consumer group, which asked the Federal Reserve to hold public hearings on what it says are discriminatory lending patterns and a failure to safeguard consumer data. The New York City-based Inner City Press/Fair Finance Watch, a group that frequently weighs in on bank mergers, lodged its complaint with the Fed over the weekend. Baltimore-based Mercantile agreed in March to buy James Monroe Bancorp Inc. of Arlington, Va., for $143 million in cash and stock.
NEWS
By Jacques Kelly | September 12, 2009
Richard Joseph Flanigan Sr., a retired senior vice president at the old Mercantile-Safe Deposit and Trust Co., died of cancer Friday at his Lutherville home. He was 81. Born in Baltimore and raised on Woodington Road, he was a 1946 graduate of Calvert Hall College High School, where he played football and competed in two Calvert Hall-Loyola contests. Family members said Mr. Flanigan attended the annual Thanksgiving Day game played between the two rivals from the 1930s until 2008, when ill health kept him away.
BUSINESS
By From Baltimore Sun news services | March 21, 2009
Edward "Ned" Kelly III, the former Mercantile Bankshares Corp. executive who shepherded the sale of the Baltimore bank to PNC Financial Services Group two years ago, was named chief financial officer of Citigroup yesterday, the latest move in a major management reshuffling at the struggling bank. Kelly, who has been serving as New York-based Citi's head of global banking, will replace Gary Crittenden, who is moving to a newly created role of chairman of Citi Holdings. The changes come after the company announced earlier this year that it was splitting into two divisions, with Citi Holdings in charge of noncore businesses such as government-backed risky assets and the Baltimore-based consumer lending arm CitiFinancial.
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