Archive for the ‘financial services’ Category
GLEN BURNIE – Glen Burnie Bancorp/The Bank of Glen Burnie reported net income for the year ended December 31, 2009 of $1,262,462 as compared to net income of $403,962 in 2008. Accounting for the big difference was increases in loan loss reserves and FDIC assessments. For Q4, the company realized a net loss of $210,000, as compared to net income of $1,382,000 in 2008.
LINTHICUM – Bel Air is the site of the newest branch of SECU, the largest state-chartered credit union in Maryland. SECU, with locations at Pasadena, Glen Burnie, downtown Annapolis and Annapolis Towne Centre, is hiring for 40 positions across the organization and hired 127 last year.
BUFFALO – M&T Bank with its strong presence in the region took multiple honors in the Greenwich Associates 2009 Small Business Banking Excellence Awards. The lender was one of only three banks cited for excellence in 8 of 10 national categories including Overall Satisfaction, Financial Stability, Credit Policy and Relationship Manager Performance.
COLUMBIA – Financial planning firm Edelman Financial Services has opened an office at 9520 Berger Road, Suite 212. It joins nine other offices already in operation.
ANNAPOLIS – CommerceFirst Bancorp/CommerceFirst Bank earned a consolidated net profit of $678,000 for the year ended December 31, 2009 compared to a net profit of $295,000 for the previous year. Credit for the higher profit is due to demand for both commercial and industrial loans and commercial real estate loans, much of which are owner-occupied transactions with local businesses.
EASTON – Shore Bancshares reported net income of $1.216 million for Q4 2009, a drop from the $1.951 million for the previous quarter and the $2.261 million for the year-ago period. For all of 2009, net income was $5.4 million, a little less than half of the $11.5 million reported in 2008. Numbers were lower in 2009 because the bank holding company took a hit with the sale and repurchase of preferred stock under the U.S. Treasury’s TARP program.
OLNEY – Sandy Spring Bancorp/Sandy Spring Bank posted a net loss $4.4 million for Q4, more than the $3.8 million for the year-ago period. Q4 included a provision for loan and lease losses of $21.1 million. 2009 totals were a net loss of $19.7 million, as compared to the $15.4 million for 2008. Comments the CEO, “Looking back on 2009 and forward into 2010, we feel that this company has the underlying fundamentals and strength to weather the current economic cycle.”
ANNAPOLIS – Annapolis Bancorp/BankAnnapolis registered net income of $381,000 for Q4 2009, an increase of $236,000 or 163% from net income of $145,000 in Q4 2008. On a sequential quarter basis, net income increased $158,000 or 71% from $223,000 reported for the three months ended September 30, 2009.
ANNAPOLIS – Severn Bancorp/Severn Savings Bank announced a Q4 2009 net loss of $2.7 million, a smaller amount than the $4.4 million loss recorded in Q3 and $6.9 in Q2. Still considered “well capitalized” under the federal government’s definition, the bank is in a better position and CEO Alan Hyatt says he is “cautiously optimistic that the worst of the economic recession is behind us.”
BUFFALO, NY – M&T Bank with its multiple branches in the region saw Q4 net income rise 34% to $136,818, and its net interest margin widened 10 basis points to 3.71%. The bank held total assets of $68.9 billion as of the end of last month.
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