The most important Baltimore-based mostly financial institution has been created as Howard Bancorp plans to accumulate 1st Mariner Financial institution for greater than $one hundred sixty million.
The Baltimore Solar stories the Howard Financial institution mother or father introduced Tuesday the acquisition of 1st Mariner, which can almost double Howard’s belongings to greater than $2 billion. Ellicott Metropolis-based mostly Howard Bancorp plans to relocate its headquarters to 1st Mariner’s workplace in Baltimore’s Canton neighborhood.
Howard Financial institution CEO Mary Ann Scully says it should have 21 branches after the merger. Scully declined to debate particulars with The Solar about department closures or lay-offs, which can scale back the mixed financial institution’s overhead prices.
Robert Kunisch, CEO of 1st Mariner, says becoming a member of Howard was a method to proceed rising past what would’ve been potential alone.
The merger nonetheless have to be accredited by banking regulators.