Bank of Ocean City
| Company type | Community bank |
|---|---|
| Industry | Banking |
| Founded | 1916 in Ocean City, Maryland, United States |
| Founder | Levin D. Lynch, John M. Mumford, William B. S. Powell, Thomas W. Taylor, Charles T. Jackson |
| Headquarters | Ocean City , United States |
Area served | Maryland, Delaware |
| Products | Banking services |
The Bank of Ocean City is a community bank based in Ocean City, Maryland, established in 1916 to bolster the local economy, particularly the tourism and fishing industries. It maintains seven branches throughout Maryland and Delaware, including locations in Ocean City, Berlin, Fenwick Island, and Selbyville. While expanding its presence, the bank gifted its original building to the Ocean City Life-Saving Station Museum.
History
Operations for the Bank of Ocean City commenced on January 3, 1916, in Ocean City, Maryland. Efforts to create the bank began in 1914 but were only successful after a second submission in 1915 following regulatory approval. The founding members—Levin D. Lynch, John M. Mumford, William B. S. Powell, Thomas W. Taylor, and Charles T. Jackson—secured authorization with stipulations that excluded associate Paul Clark due to his financial background. The institution launched with capital.
The bank’s first location was within the McGregor Building at Dorchester Street and Baltimore Avenue, sharing space with other enterprises and primarily catering to the local fishing community and seasonal visitors.
During the Great Depression, the bank temporarily ceased operations in October 1931 amid deposit withdrawals and bond losses but resumed business after capital infusion and withdrawal restrictions. It also closed briefly during the 1933 national "bank holiday" before reopening shortly thereafter. After World War II, it upgraded its facilities with renovations that included a brick exterior, modern teller counters, and a new vault.
Branch development started in the 1970s with sites at 59th Street and later West Ocean City (1976), initially operating from a trailer before relocating to a permanent structure in 1981. By the late 1980s, a North Ocean City branch was established by repurposing a former bank building. Expansion continued with a Berlin branch opening in 2003 on a site previously occupied by a restaurant.
In 2016, the bank expanded into Delaware by moving its North Ocean City branch to Fenwick Island, aiming at the tourism sector. Plans were announced for a 1,700-square-foot branch in Selbyville scheduled for 2023 to serve commuters traveling between Sussex County, Delaware and Ocean City.
Branch network and properties
The McGregor Building—the bank’s initial location at Dorchester Street and Baltimore Avenue—was originally constructed as a general store with apartments. The Bank of Ocean City began its operations there in 1916 and acquired full ownership by 1986. The property was subdivided into two parts, with the bank continuing operations while leasing portions to commercial tenants.
In 2019, this location was closed and the property donated to the Town of Ocean City for use in expanding the Ocean City Life-Saving Station Museum.
To accommodate regional growth, the bank broadened its branch network: West Ocean City opened in 1976 beginning in a trailer before moving to a permanent facility in 1981; the Berlin branch was established in 2003 near Atlantic General Hospital.
The bank’s entry into Delaware involved relocating its North Ocean City branch to Fenwick Island in 2016, targeting communities economically linked to Ocean City. The Selbyville branch launched in June 2023 at Mason Dixon Shopping Center off U.S. Route 113, focusing on residents of eastern Sussex County who commute to Ocean City.