Archive for the ‘financial services’ Category

BALTIMORE – NASDAQ has denied the request for continued listing of the stock of 1st Mariner Bancorp/1st Mariner Bank due to capital requirements and value.  It will trade on the Over The Counter Bulletin Board under the symbol FMAR.OB.

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ANNAPOLIS – Securities Based Funding has added two programs for alternative financing, the Securities-Based Line of Credit and the Capital Advancement-Project Funding.  Both will assist borrowers and developers obtain flexible, less restrictive terms.

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LAUREL – Tower Federal Credit Union drew a crowd of 800 at the grand opening for its newest branch in National Business Park in Annapolis Junction, Md.

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GLEN BURNIE – Glen Burnie Bancorp/The Bank of Glen Burnie posted net income of $758,000 for the three months ended June 30, 2011.  This was up from net income of $322,000 for the same three month period in 2010.

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ELLICOTT CITY – Howard Bancorp/Howard Bank has received preliminary approval to receive an investment of up to $12.5 million in the company’s preferred stock from the United States Department of the Treasury under the Small Business Lending Fund. The bank also reported its performance results showing net income of $694,000 for the first six months of the year. This represents an increase of 31% compared to the figures from a year ago.

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ANNAPOLIS – CommerceFirst Bancorp/CommerceFirst Bank earned a net profit of $901,000 for the six months ended June 30, a decline from the $916,000 a year ago. The company says an increase in net interest margin was largely offset by an increase in the provision for loan losses, write-downs of other real estate owned and increased loan collection expenses.

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EASTON – Shore Bancshares reported a net loss of $233,000 for Q2, an improvement over the $1.1 million net loss a year ago; net loss for the six months was $1.3 million.

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ANNAPOLIS – Three business executives have joined the BankAnnapolis board of directors: Hospice of the Chesapeake President and CEO Michael McHale; Watermark Cruises President Debbie Gosselin; and CPS/Gumpert CEO Jeff Ostenso.

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ANNAPOLIS – Severn Bancorp/Severn Savings Bank announced a quarterly net loss of $846,000 compared to net income of $593,000 a year ago. The recent number reflects the decision to add approximately $3 million to the loan loss reserves for potential losses on primarily acquisition and development loans.

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ANNAPOLIS – Severn Savings Bank has named Dr. James H. Johnson, Jr. to its board, bringing the number of directors to 13.  He is Professor Emeritus of Civil Engineering and a former dean at Howard University, chair of the U.S. EPA National Advisory Council for Environmental Policy and Technology and chair of the Anne Arundel Community College (MD) Board of Trustees.

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