Howard Bancorp and 1st Mariner Bank jointly announced in August an agreement to merge organizations and operate under the Howard Bank name and be headquartered in 1st Mariner’s existing Baltimore City location in Canton.
Howard Bank operates a general commercial banking business through its 13 branches located throughout Baltimore. As of June 30, it had consolidated assets of approximately $1.1 billion, portfolio loans of approximately $880 million and deposits of approximately $855 million. Following the acquisition and after branch consolidation, Howard will have 21 well-located offices in the Baltimore area, with pro forma assets of $2.1 billion, portfolio loans of $1.5 billion and deposits of
$1.6 billion based on financial data as of June 30.
Howard Chairman and Chief Executive Officer Mary Ann Scully (left) says, “We have long respected the executive team at 1st Mariner and have been very impressed by their turnaround and recasting of the bank since their restructuring in 2014. Both Howard and 1st Mariner share a focus on privately held businesses in the Greater Baltimore market. This is a win-win for the Baltimore business community who will now be served by the best business bank in the region.”
Robert Kunisch, Chief Executive Officer of 1st Mariner (right) comments, “We are thrilled to be partnering with the Howard Bank team. Our shared commercial focus and long ties to the market will be particularly attractive to our customers and employees. We are excited to join together to build the best business bank in Baltimore.”
Upon completion of the merger, Mary Ann Scully will continue as Chair and Chief Executive Officer of Howard and Howard Bank, and Robert Kunisch, will join the Howard and Howard Bank boards of directors and assume the role of President of Howard and Howard Bank. George Coffman will continue as Chief Financial Officer of Howard, James Witty will continue as Chief Commercial Banking Officer, Robert Altieri will continue as the Chief Mortgage Officer, Randy Jones will join from 1st Mariner as Chief Credit Officer, Charles Schwabe will continue as Chief Risk Officer, and Steven Poynot will become Chief Administrative Officer. 1st Mariner Executive Chairman Jack Steil will also join the Board as a director and will serve as Senior Business Development Advisor to the combined company.