May 11, 2009
10. The Harbor Bank of Maryland
When The Harbor Bank of Maryland opened for business, it had already acquired $2.1 million assets. More than 25 years later, Harbor Bank has increased its assets to over $284.9 million, making it Maryland’s largest black-owned bank and the nation’s tenth largest minority-owned bank.
The financial institution provides general banking services in its seven branches throughout Baltimore, Riverdale, and Prince George’s County, Maryland.
In February 2009, Harbor Bank of Maryland received a $3.6 million court judgment when Baltimore-based developer Brookefield-Whitelock Inc. defaulted on its loan. Since September 30, 2008, Harbor Bank’s held an 11.82% ratio of capital to assets; banks need a 10% ratio to be ranked “well-capitalized.â€