Maryland banking

Maryland banking - News

Wachovia tweaks local leadership - Bizjournals.com

Bizjournals.com, NC - Feb 12, 2009

Wachovia tweaks local leadership When the new system takes effect March 1, leadership for DC, Maryland and Virginia will be divided into two main buckets: community banking and commercial

MARYLAND: Local bank under federal scrutiny - Delmarva Daily Times

Delmarva Daily Times, MD - Feb 13, 2009

MARYLAND: Local bank under federal scrutiny operations in both Baltimore and the Eastern Shore of Maryland, and a recently opened commercial banking office in the Baltimore-Washington corridor.

Feds shutter Crofton bank - Business Gazette

Business Gazette, MD - Feb 03, 2009

Baltimore SunFeds shutter Crofton bank "The overall Maryland banking industry is strong and has stood the test of time," Murphy said. Last year, the US Office of Thrift Supervision ordered Federal regulators arrange sale to Va. bank Community Bankers Trust buys Suburban Federal Savings Bank in FDIC Bank of Essex acquires Suburban Federal Savings Bank -

Geithner’s new bank bailout: Private investors hold the key - Christian Science Monitor

Christian Science Monitor, MA - Feb 10, 2009

FOXNewsGeithner’s new bank bailout: Private investors hold the key “Enforceability and speed are really of the essence here,” says Carmen Reinhart, a University of Maryland economist who has studied financial crises. Video: Geithner Talks Bank Bailout Plan on Capitol Hill Treasury’s foreclosure plan draws fire from Dem Geithner 'dismantling and rebuilding' bailout program

Crofton bank threatened with takeover - Annapolis Capital

Annapolis Capital, MD - Jan 27, 2009

Baltimore SunCrofton bank threatened with takeover No Maryland bank has failed since 1992, during the period of the national savings and loans crisis. Suburban has been around 54 years and has been passed Feds order Md. thrift to find a buyer by Friday Crofton's Suburban Federal Savings Bank must find buyer or face

Wachovia tweaks local leadership - Bizjournals.com

12.02.09

In one of the first of several steps of integration with Wells Fargo & Co. , Wachovia Corp. is realigning its local leadership structure.

Charlotte, N.C.-based Wachovia is the fourth-largest bank by market share in Greater Baltimore. It was acquired Jan. 1 by San Francisco-based Wells Fargo (NYSE: WFC).

Under the current system, Sam Schreiber is regional president for Wachovia, overseeing all lines of business in the Washington, D.C., and Baltimore areas.

When the new system takes effect March 1, leadership for D.C., Maryland and Virginia will be divided into two main buckets: community banking and commercial lending.

Pete Jones will lead the community banking group for the region, which includes retail banking and business banking to companies with less than $30 million in revenue. He was previously a western regional executive for Wachovia, based in its San Francisco office. He will now be based in Tysons Corner.

Source: Bizjournals.com, NC

Lloyds Banking loss doubles in one month

No, it didn't necessarily double in reality but over the course of one month they updated their number to reflect a much deeper loss. This remains the fear with banks around the world. The Wall Street cheerleaders like to say that we've seen the last of the losses and then this happens again and again and again. It has to stop and we need to see a predictable and stable quarter followed by another stable and predictable quarter. After that, repeat and repeat. It will take years for these institutions to bounce back and generate confidence from the market though they have no one to blame but themselves. Well, maybe also their friends in government who gave them what they wanted as well. Banksters strike again.Lloyds Banking Group said its HBOS unit made a hefty loss last year due to bigger-than-expected bad loans, wiping nearly a third off the group's stock market value.

HBOS had a pretax loss of 8.5 billion pounds ($12.28 billion) for 2008, Lloyds said in a statement on Friday, driven by 7 billion pounds in bad corporate loans and a further 4 billion pounds in asset write-downs.

In November, HBOS had estimated its corporate impairments at just 3.3 billion pounds.

Lloyds Banking Group shares were down 29 percent at 64.8 pence, having earlier fallen as low as 54.9 pence.

"The market doesn't like the fact that in a period of a month the corporate losses (at HBOS) are twice what they had announced," said Mamoun Tazi, analyst at MF Global.

Lloyds said the big rise in bad loans and write downs was driven by falling asset values as markets continued to deteriorate.

It said the increase also reflected the application of Lloyds own "more conservative" accounting methods at HBOS since the two banks joined forces late last year.Conservative accountants? I didn't know such accountants existed after Enron and the credit crisis. Go figure.