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By Peter H. Frank | December 31, 1990
Troubled times and troubled loans have led MNC Financial Inc. to hire two longtime Baltimore attorneys to help the banking company restructure a mounting pile of problem loans and sell off property the company has obtained through foreclosure.MNC, parent of Maryland National Bank and American Security Bank in Washington, has hired Duncan W. Keir, a partner at the Baltimore law firm Miles & Stockbridge, as the head of a team of lawyers the company will hire to restructure problem loans.A spokesman for MNC, Daniel G. Finney, also confirmed Friday that the banking company had hired Lewis A. Kann, 58, to serve as counsel to a subsidiary formed to sell MNC's growing list of repossessed properties.
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BUSINESS
Eileen Ambrose, The Baltimore Sun | July 22, 2010
Sandy Spring Bancorp said Thursday it turned a $6.2 million profit in the second quarter, the result of its efforts to reduce problem loans during the past few quarters. On a per-share basis, the Olney-based bank holding company earned 26 cents per share for the quarter. A year earlier, Sandy Spring lost $280,000, or 2 cents per share. Additionally, the company said it repaid half of the $83 million it received in 2008 from the government's Troubled Asset Relief Program. During the second quarter, the bank reduced the amount of money set aside for losses to $6.1 million, down from $10.6 million a year earlier.
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BUSINESS
By David Conn and David Conn,Staff Writer | May 5, 1992
Peter L. Gartman, the man charged with disposing of MNC Financial Inc.'s large portfolio of problem loans and raising needed cash, resigned last week citing a desire to pursue other business interests and spend more time with his family.Mr. Gartman, 43, who joined MNC in 1989 as an executive vice president, became treasurer and chief financial officer last year. He left Thursday as chief financial officer and vice chairman, a title he had held for 10 months.Calling his decision "the pause that refreshes," Mr. Gartman said yesterday in an interview that he merely wanted to take a different career path now that the state's largest banking company appears headed for recovery.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | November 25, 2009
Annapolis-based Severn Bancorp Inc., the parent company of its namesake bank, said Tuesday that it has agreed with federal regulators to take steps to shore up its operations hurt by the collapse of the real estate market. Under "supervisory agreements" with the Office of Thrift Supervision, Severn must revise its policies regarding its problem assets, change its allowance for loan and lease losses and loan modification policy, as well as develop a program for managing risks related to credit and provide quarterly reports of its progress, among other actions.
NEWS
By Timothy J. Mullaney | July 20, 1991
MNC Financial Inc. said yesterday that it will move management authority over about $1.1 billion in troubled loans to an obscure subsidiary formed last year. Analysts said the move could pave the way for a major restructuring of Maryland's biggest bank holding company.MNC said that it will give South Charles Realty Corp. the job of collecting or selling more than $1.8 billion in problem loans and repossessed properties -- substantially all of MNC's non-performing assets, as well as some loans that are being paid but which the bank thinks will probably run into trouble.
BUSINESS
January 17, 1991
This Baltimore-based bank said fourth-quarter earnings grew because of an increase in non-interest income over the fourth quarter in 1989 and a lower provision for possible loan losses. Provident said the current quarter's earnings continue a return to profitability that began in the third quarter, following a $6.6 million loss in the second quarter caused by an increased provision for problem loans. Provident, established in 1987, is parent of the 104-year-old Provident Bank of Maryland, a full-service commercial bank that provides consumer and commercial banking services through a 40-branch network in the Baltimore area.
BUSINESS
By Donald Saltz | April 24, 1992
MNC Financial, which is the largest bank holding company in Maryland, is in a position similar to that of a city after a hurricane has passed through. The damage has been tremendous, and some problems might still turn up, but the worst is over, and the cleanup is under way.The damage, of course, is the result of a collapse in the commercial real estate market that left many large borrowers unable to meet their interest obligations.Last year, MNC, which owns Maryland National Bank and American Security Bank in Washington, lost $70 million, but had it not been for a $444 million profit from the sale of its credit card business, the loss would have been $514 million, greater than the $440 million deficit of 1990.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 3, 2000
Allfirst Financial Inc. said yesterday that profit rose 23.7 percent in the first half of the year, spurred by tighter expense controls and growth in fees from electronic banking and its trust operation. The Baltimore-based banking company made $92 million in the first six months of the year that ended June 30, compared with $74.4 million reported for the first half of 1999. Susan C. Keating, Allfirst's president and chief executive, said she was pleased with the performance, but noted that higher interest rates and stiff competition squeezed the company's profit margin.
BUSINESS
Eileen Ambrose, The Baltimore Sun | July 22, 2010
Sandy Spring Bancorp said Thursday it turned a $6.2 million profit in the second quarter, the result of its efforts to reduce problem loans during the past few quarters. On a per-share basis, the Olney-based bank holding company earned 26 cents per share for the quarter. A year earlier, Sandy Spring lost $280,000, or 2 cents per share. Additionally, the company said it repaid half of the $83 million it received in 2008 from the government's Troubled Asset Relief Program. During the second quarter, the bank reduced the amount of money set aside for losses to $6.1 million, down from $10.6 million a year earlier.
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.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | July 25, 2007
First Mariner Bancorp's troubles deepened yesterday when the Baltimore bank reported a nearly $4 million quarterly loss stemming from an avalanche of bad home loans and a declining real estate market. The wholesale mortgage operation, which extended many of the problem loans, has been closed. And the bank has cut about 100 employees, primarily in the wholesale business. Now, with losses from the loans mounting, the bank is paring back expansion plans. First Mariner has been caught up in the spread of the subprime meltdown to so-called Alternative-A loans, in which borrowers have slightly better credit histories but have been increasingly defaulting and going into foreclosure.
BUSINESS
By Bill Atkinson and Bill Atkinson,Sun STAFF | July 13, 2004
M&T Bank Corp. said yesterday that profit in the second quarter jumped 38 percent on strong loan and deposit growth and expense control. The Buffalo, N.Y.-based banking company, which acquired Baltimore's Allfirst Financial Inc. last year, made $184 million in the quarter that ended June 30, compared with $134 million in last year's second quarter. Diluted earnings per share rose 39 percent to $1.53, compared with $1.10 a year earlier, the company said. The results surprised Wall Street analysts, who expected the company to report $1.45 per share, according to Thomson Financial, which tallied the estimates of 10 analysts who follow the company.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 18, 2001
Provident Bankshares Corp.'s profit rose 27 percent in the third quarter, driven by gains in income from checking accounts and deposit service fees, tight expenses and less money set aside for problem loans. The state's second-largest independently owned banking company made $10.8 million in the quarter that ended Sept. 30, compared with $8.5 million in the corresponding period a year earlier. Provident made 41 cents per diluted share, up 32 percent, compared with 31 cents per diluted share a year earlier.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 21, 2001
A nervous banker is a good banker, and there are plenty of nervous bankers these days. After eight years of surging profits and rapid loan growth, bankers are worried this year that the slowing economy will result in more problem loans and a stunted bottom line. Already, they are seeing signs of trouble, even though the Federal Reserve Board recently cut interest rates. Bad loans are growing, profit margins are shrinking, and income from fees charged consumers and corporate borrowers is declining.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 3, 2000
Allfirst Financial Inc. said yesterday that profit rose 23.7 percent in the first half of the year, spurred by tighter expense controls and growth in fees from electronic banking and its trust operation. The Baltimore-based banking company made $92 million in the first six months of the year that ended June 30, compared with $74.4 million reported for the first half of 1999. Susan C. Keating, Allfirst's president and chief executive, said she was pleased with the performance, but noted that higher interest rates and stiff competition squeezed the company's profit margin.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 26, 1996
First Maryland Bancorp earned a record $120.2 million in 1995, as gains from loans and investments, coupled with a reduced provision for problem loans, drove earnings.The $10.5 billion-asset banking company, which is a wholly owned subsidiary of Allied Irish Banks PLC, earned $31.5 million in the fourth quarter, up 10.5 percent over the comparablequarter in 1994.Jeremiah E. Casey, chairman of First Maryland, expects the strong performance to continue. "We are not at a plateau," he said.Mr.
BUSINESS
By David Conn and David Conn,Staff Writer tHC zNB | April 16, 1992
MNC Financial Inc. marked a much-awaited return to profitability yesterday, posting first-quarter income of more than $1 million, though much of it came from selling off assets."
BUSINESS
By Bill Atkinson and Bill Atkinson,Sun STAFF | July 13, 2004
M&T Bank Corp. said yesterday that profit in the second quarter jumped 38 percent on strong loan and deposit growth and expense control. The Buffalo, N.Y.-based banking company, which acquired Baltimore's Allfirst Financial Inc. last year, made $184 million in the quarter that ended June 30, compared with $134 million in last year's second quarter. Diluted earnings per share rose 39 percent to $1.53, compared with $1.10 a year earlier, the company said. The results surprised Wall Street analysts, who expected the company to report $1.45 per share, according to Thomson Financial, which tallied the estimates of 10 analysts who follow the company.
NEWS
By New York Times News Service | September 10, 1995
TOKYO -- Those who despair that America's economy has surrendered its leadership to Japan can take heart. In at least one big area, Japan is scrupulously imitating one of the landmark American business events of the 1980s: banking disasters.Nearly five years after Washington came to grips with the full horror of the $500 billion savings-and-loan collapse, Japanese banks and thrifts are following suit as precisely as if executives had studied a how-to manual by the least scrupulous bankers in the United States.
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