Archive for the ‘financial services’ Category

OLNEY and ANNAPOLIS – CommerceFirst Bancorp has accepted an acquisition offer from Sandy Spring Bancorp for $25.4 million in cash and stock. This will add $205 million in total assets to Sandy Spring and expand its presence in Anne Arundel, Howard and Prince George’s counties in central Maryland.

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LAUREL – Tower Federal Credit Union has opened a new location at Arundel Mills with a strong focus on environmental features. Use of geothermal heat pumps for heating and cooling, and low VOC paints help promote a healthy work environment at the 123,000-member credit union.

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GLEN BURNIE – Glen Burnie Bancorp/The Bank of Glen Burnie declared a regular dividend of ten cents ($0.10) per share of common stock (the company’s 78th consecutive dividend).

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FULTON – Julie McMillin is the new president of NewDay Reverse, a division of VA and reverse mortgage lender NewDay Financial. Lee manages the direction of the group and the selection and training of originators.

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ANNAPOLIS – BankAnnapolis was recently honored for excellence in financial services by the Annapolis and Anne Arundel County Chamber of Commerce, and the Maryland Bankers Association. The Chamber awards recognize the community’s top businesses in categories including individual business leader, small business, nonprofit, financial services, and sales and marketing.

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ANNAPOLIS – Accredited Standards Committee X9 has issued a new standard for banks to enable companies to manage their business accounts more effectively. Called the Balance and Transaction Reporting Standard, it will be published in the first quarter of next year.

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ANNAPOLIS – Severn Bancorp/Severn Savings Bank reported Q3 net income of $551,000, up from the $485,000 figure from a year ago.

ANNAPOLIS – Annapolis Bancorp/BankAnnapolis listed net income of $668,000 for Q3 2011, up $369,000 or 123% compared to the same quarter last year.

OLNEY – Sandy Spring Bancorp/Sandy Spring Bank posted net income $11.3 million, up from $8.5 million in the year-ago period.

ELLICOTT CITY – Howard Bancorp/Howard Bank said the first nine months of the year brought in net income of $1.031 million, versus net income of $661,000 for the same period last year. This represents a 56% increase.

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ELLICOTT CITY – Howard Bancorp/Howard Bank has received an investment of $12.5 million to encourage small business lending.  The money came from the U.S. Treasury’s Small Business Lending Fund.

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