BALTIMORE (AP) — The largest Baltimore-based bank has been created as Howard Bancorp plans to acquire 1st Mariner Bank for more than $160 million.
The Baltimore Sun reports the Howard Bank parent announced Tuesday the acquisition of 1st Mariner, which will nearly double Howard’s assets to more than $2 billion. Ellicott City-based Howard Bancorp plans to relocate its headquarters to 1st Mariner’s office in Baltimore’s Canton neighborhood.
Howard Bank CEO Mary Ann Scully says it will have 21 branches after the merger. Scully declined to discuss details with The Sun about branch closures or lay-offs, which will reduce the combined bank’s overhead costs.
Robert Kunisch, CEO of 1st Mariner, says joining Howard was a way to continue growing beyond what would’ve been possible alone.
The merger still must be approved by banking regulators.
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Information from: The Baltimore Sun, http://www.baltimoresun.com
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