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DLLR News

 

Two Community Banks Converting to Maryland State Charters

 

Baltimore, MD (June 12, 2012) – Mark Kaufman, the Maryland Commissioner of Financial Regulation, announced the conversion of two community banks from federal to Maryland state charters. After receiving regulatory approval, Midstate Community Bank, formerly Midstate Federal Savings and Loan Association, and Liberty Bank of Maryland, formerly Liberty Federal Savings and Loan Association, converted from federal mutual thrifts to Maryland-chartered mutual savings banks.

“We are very pleased to welcome Liberty Bank of Maryland and Midstate Community Bank as our newest state-chartered mutual savings banks,” said Commissioner Kaufman. “Like all community banks, these institutions play a vital role in our local economy and are an essential part of meeting the financial needs of the citizens and businesses of Maryland. I look forward to working with both Liberty and Midstate in the years ahead as they grow and serve our state’s citizens.”

The conversion of Midstate Community Bank became effective June 4, 2012. The Bank, located at 6810 York Road in Baltimore, has assets of more than $180 million. “Midstate has been serving the Baltimore area since 1884,” said Bank President N. Alan Anthony. “We have continued to grow and expand services over the years to serve our customers at the highest level. The Board of Directors decided the charter conversion would best allow Midstate to achieve its goals. A local regulator who is familiar with Maryland and smaller community-focused institutions was a perfect fit for us.”

The conversion of Liberty Bank of Maryland became effective June 8, 2012. The Bank has assets of more than $46 million, and operates two branch offices in Baltimore City and Harford County. “Our customers prefer a locally-based bank,” noted Thomas O’Neill, III, President and CEO of Liberty Bank of Maryland. “Liberty’s roots in the Baltimore metropolitan area date back to 1885. The conversion seems to be logical. We are now locally-based and regulated.”

The Office of the Commissioner of Financial Regulation is the primary regulator for the financial institutions chartered in Maryland, including all state-chartered banks, credit unions, and trust companies, as well as all non-depository mortgage brokers, servicers, and lenders licensed by Maryland.

The Department of Labor, Licensing and Regulation protects and empowers Marylanders by safeguarding workers, protecting consumers, providing a safety net and cultivating a thriving workforce that can meet the demands of Maryland’s dynamic economy. Follow DLLR on Twitter (@MD_DLLR) and Facebook.