1880 Bank Converts to Maryland State Charter
BALTIMORE, MD (November 3, 2014) – Gordon M. Cooley, the Acting Maryland Commissioner of Financial Regulation, today announced the successful charter conversion of 1880 Bank, headquartered at 304 High Street in Cambridge, Maryland. After receiving regulatory approval, 1880 Bank, formerly known as The National Bank of Cambridge, converted from a national bank to a Maryland state-chartered bank. The conversion of 1880 Bank became effective on October 31, 2014.
“We are very pleased to welcome 1880 Bank as a Maryland state-chartered bank,” said Acting Commissioner Cooley. “Like all community banks, this bank plays a vital role in the local economy and is an essential part of meeting the financial needs of the citizens and businesses of Maryland. I am committed to the success of our community banks, and I look forward to working with 1880 Bank in the years ahead as it continues to be an important resource to its customers and local community.”
The Bank, which was originally established in 1880, has assets of more than $190 million and operates three branches in Dorchester County on Maryland’s Eastern Shore.
“We believe 1880 Bank is better served with a local regulator that knows the economic conditions in Maryland and is accustomed to regulating community banks,” said Kim C. Liddell, Chairman, President and CEO. “The state charter will help us reduce costs and operate more effectively to serve our customers. Banks throughout the United States and Maryland have made a similar change in recent years and achieved positive results for customers and shareholders."
The Office of the Commissioner of Financial Regulation is the primary regulator for the financial institutions chartered by 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.