Losses on loans made to investors rehabilitating city homes helped drive a small savings bank founded by immigrants in East Baltimore more than 100 years ago to failure, said the CEO of the bank that acquired much of its portfolio.
Banking industry veteran and native Baltimorean Scott Wilfong got involved with the Living Classrooms Foundation to help improve lives in some of East Baltimore's neediest neighborhoods, including Perkins Homes, the Fayette Street corridor and McElderry Park.
Following an investigation that revealed missing funds and questionable financial practices, officials of a national longshoremen's union are considering seizing control of a Baltimore chapter — a move that could complicate contract negotiations at the city's port.
An all-out battle over Baltimore's last major independent bank broke out Monday in a contentious court hearing, leaving a judge to decide — potentially later this week — whether the institution is sold to an investment group with local ties or a Pennsylvania bank.
In recent years, Maryland has seen many local banks acquired by out-of-state rivals. A decade ago, the state had 139 banks based here, with 20 of them separately chartered affiliates of Mercantile-Safe Deposit & Trust Co., according to the Maryland Bankers Association.
National Penn Bank — a regional bank that mostly operates in Pennsylvania — emerged as the highest bidder for 1st Mariner Bank Friday, dashing the hopes of group of investors who wanted the bank to remain based in Baltimore.
John C. Rusnak, the former Allfirst Financial Inc. currency trader convicted of one of the biggest bank frauds in history, knows about second chances. He hired the applicant, Noah Shefrin, who stayed clean and has since moved up to become the general manager of the Glen Burnie ZIPS. So began Rusnak's mission of hiring others who've made mistakes.
Di Zhang, the Towson woman whose arrest for allegedly operating a brothel on East Joppa Road led to federal efforts to seize nearly $2 million worth of her real estate, was arrested on prostitution and human trafficking charges again last month in Montgomery County.
If you are among America's 68 million people who can't, won't or just don't do business with private banks, the post office wants you. Recognizing a need for affordable banking services among the nation's lower-income consumers, the U.S. Postal Service also sees a way to bolster its own bottom line.
The state legislature will consider this spring a handful of bills related to the mortgage crisis, but unlike in previous years, many are focused on what happens after the foreclosure process is complete.
The state pension system is Maryland's financial Achilles heel. All bond rating services have noted that rising pension debt endangers the AAA bond rating, and the Pew Center on the States rates Maryland as one of the 10 most under-funded states. Perhaps it's time for Nancy Kopp to step down.
Maryland has allowed many of the very largest multi-state, multi-national corporations operating here to use a tax avoidance scheme resulting in the loss of hundreds of millions of dollars in state corporate taxes and, sadly, placing Maryland-only businesses at a distinct competitive disadvantage.
The Woman's Club of Perry Hall is doing it again! This local organization is totally dedicated to helping out in our community with an extra tasty surprise this time. With the generous support of Italian Sensation, they are holding a delicious fundraiser on Feb. 12.