BUSINESS
By Hanah Cho and Andrea K. Walker and Hanah Cho and Andrea K. Walker,hanah.cho@baltsun.com | August 29, 2009
Federal regulators seized Bradford Bank of Towson late Friday after the financial institution failed to find a buyer, making it the second bank in Maryland to fall victim to bad loans amid the collapse of the real estate market. M&T Bank, which recently acquired Baltimore's Provident Bank and is one of Maryland's largest lending institutions, will assume all of Bradford's deposits and most of its assets in a purchase agreement with the Federal Deposit Insurance Corp. That means Bradford's nine branches, mostly in Baltimore County, will reopen today as M&T offices and business will go on as usual.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,andrea.walker@baltsun.com | November 18, 2008
Dutch insurer Aegon NV is exploring a bid to buy the troubled Suburban Federal Savings Bank in Crofton as a way of becoming eligible for money from the federal bank bailout plan. The insurance giant, with North American headquarters in Baltimore, was among four insurance companies that applied Friday to the federal Office of Thrift Supervision to become owners of a savings institution as a way to get funding from the Treasury's Troubled Asset Relief Program. OTS officials confirmed Aegon's interest in Suburban.
BUSINESS
By Hanah Cho and Hanah Cho,SUN REPORTER | March 12, 2008
Baltimore County Savings Bank's parent company said yesterday that it has been taken off federal regulatory supervision of its operations, a major step forward as it works to stabilize its long-term finances after a costly check-kiting scheme. BCSB Bankcorp Inc. said late yesterday that the Office of Thrift Supervision has terminated special oversight that had been in place since December 2005. The federal agency took action after finding flawed internal controls. In particular, it said the bank needed to improve its processes for identifying customers at high risk of unlawful activity.
NEWS
October 20, 2004
REMEMBER REDLINING, circa 1970? We may soon see a modern-day version of the old practice when banks drew invisible but detrimental geographical boundaries around poor urban and rural areas and refused to do business with them. Recent moves by the Federal Deposit Insurance Corp. (FDIC) and other banking regulatory agencies to water down a nearly 30-year-old law designed to ensure that banks provide lending, investment and basic banking services to poor communities are prompting fears of a return to the old days.
BUSINESS
By BLOOMBERG NEWS | August 3, 2001
WASHINGTON - Senate Banking Committee Chairman Paul S. Sarbanes is asking for federal investigations into the failure of Superior Bank FSB, a suburban Chicago thrift that was half-owned by the multibillionaire Pritzker family. Sarbanes, a Maryland Democrat, requested the probes in letters dated Wednesday to the General Accounting Office, the government's main investigative arm, and the inspectors general of the Treasury Department and the Federal Deposit Insurance Corp. He said investigators also should explore "whether and how the regulatory early warning system is working."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 24, 1999
T. Rowe Price Associates Inc. won approval yesterday to operate a federal savings and loan that will allow it to offer certificates of deposit nationwide.The new T. Rowe Price Savings Bank, based in Baltimore, will not make loans or sell mutual funds, according to the Office of Thrift Supervision, the Treasury Department agency that regulates federal savings and loans."We just want to round out the range of investment services and savings opportunities for individual investors," said Steven E. Norwitz, a spokesman for the Baltimore mutual fund company.