Howard Bancorp has completed its $163 million acquisition of First Mariner Bank, the parent of Howard Bank announced Wednesday.
The new Howard Bank will have estimated assets of $2.1 billion, making it the largest locally based bank. Six overlapping branches are being consolidated with nearby offices, leaving the bank with 21 branches throughout the Baltimore region.
The deal marks the end for the First Mariner brand as all its branches and mortgage offices will now operate under the Howard Bank name.
Howard Bancorp will will relocate its corporate headquarters from Ellicott City, First Mariner’s home office in Canton. The bank will employ 160 people in the city.
“The combination of our two banks creates a uniquely winning proposition for our customers, prospective customers and centers of influence in Baltimore’s business community...,” said Mary Ann Scully, Howard Bank’s chairman and CEO, in a statement. “Expanded product sets, higher lending limits and larger customer-facing staffs will allow us to build the best business bank in the region.”