The Harbor Bank of Maryland
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | September 13, 1982 |
| Founder | Joseph Chester (founding chair), Joseph Haskins, Jr. (later president and CEO) |
| Headquarters | Baltimore , United States |
Area served | Greater Baltimore, Washington D.C. |
Key people | Joseph Haskins, Jr. (former President and CEO) |
| Products | Checking accounts, savings accounts, certificates of deposit, lending products |
| Parent | Harbor Bankshares Corporation |
| Website | official%20website |
The Harbor Bank of Maryland functions as a commercial financial institution catering to clients in the Greater Baltimore and Washington D.C. regions. It holds the designation of Minority Depository Institution (MDI) by the Federal Deposit Insurance Corporation (FDIC) and is recognized as a Community Development Financial Institution (CDFI) by the U.S. Treasury.
Harbor Bank maintains seven branch locations throughout the Baltimore Metropolitan area and operates an additional loan production office situated in Silver Spring.
Formation period
In June 1973, a founding group named "Capital Strategy, Incorporated," chaired by Joseph Chester, submitted an application to the Comptroller of the Currency to create "Harbor National Bank," aiming to raise $1.5 million in capital—equivalent to more than $10 million in current value—to initiate operations.
Facing several years of fundraising difficulties and a reduction in committee participants, Joseph Haskins, Jr. proposed engaging Baltimore's religious communities to secure necessary funding. By 1979, after being informed by a Senator that federal charter approval was unlikely, the group shifted focus toward obtaining a state charter, which required a higher capital threshold. In March 1980, Maryland issued a temporary commercial banking charter that allowed investors to acquire shares, significantly accelerating capital accumulation.
Launch, management, and expansion
Following the completion of organizational and operational preparations, the bank commenced operations on September 13, 1982. In 1987, leadership transitioned to Haskins as President and CEO, who spearheaded enhancements in corporate culture by elevating professionalism, broadening financial education initiatives, increasing branch locations, and diversifying banking services.
The bank’s holding company, Harbor Bankshares Corporation, was formed in 1992. To accommodate expansion efforts, headquarters were relocated in May 1993 from 21 West Fayette Street to 25 West Fayette Street. Harbor Bank distinguished itself in 1996 as the first community bank to introduce an investment affiliate named Harbor Financial Services (HFS). Further diversification occurred in 2002 with the establishment of two additional subsidiaries: The Harbor Bank of Maryland Community Development Entity (Harbor CDE) and The Harbor Bank of Maryland Community Development Corporation (Harbor CDC).
In July 2000, Haskins resigned from his role as president but retained his position as CEO for both The Harbor Bank of Maryland and Harbor Bankshares Corporation.
Operating as a comprehensive commercial bank, The Harbor Bank of Maryland provides services including checking accounts, savings accounts, certificates of deposit (CDs), and a variety of lending products.