In need of a capital infusion, leaders of HarVest Bank of Maryland are banking on a relatively little-known investment concept.

U.S. Immigration Investment Center LLC, a San Jose, Calif., investment firm that formed in August, is utilizing a federal immigration program called EB-5 that allows people from other countries to obtain U.S. visas if they invest $1 million in a company.

Mahnaz Khazen, founder of the company, said the program will benefit both distressed companies and foreigners who need visas.

“My goal is to have an impact and be socially responsible and save jobs,” she said. “A lot of scientists and doctors come to this country on temporary visas. By allowing them to invest in our country, they can help these companies and maintain their visa status here.”

More British clients are inquiring about the program than from any other nation, Khazen said. By focusing on community banks in need, the investment can have a greater impact, she said.

A friend introduced Khazen to HarVest Bank officials. She liked the Gaithersburg bank’s market share and the more stable unemployment rate in Montgomery County.

“The location of the bank is very important, and its size is very important,” said Khazen, an immigrant from Iran who formerly was president of Coldwell Banker, Commercial Bay, in San Jose and is active in San Jose-area chambers of commerce. “I felt like it was the right bank.”

U.S. Immigration Investment Center invested $5 million in HarVest Bank in December, although the deal still needs regulatory approval. The company is trying to raise millions more.

At the end of last year’s third quarter, HarVest’s total risk-based capital ratio fell to 5.2 percent from 7.4 percent in the 2010 third quarter, according to the Federal Deposit Insurance Corp. A bank must maintain a risk-based capital ratio of at least 10 percent to be considered well-capitalized by regulators, and is considered undercapitalized with less than 8 percent and “significantly” undercapitalized at less than 6 percent.

Some 94 percent of banks based in the state are considered well-capitalized, according to the Maryland Bankers Association.

But at least two others are in the same boat as Harvest: First Mariner of Baltimore, which had a risk-based capital ratio of 5.8 percent in September, and Bank of the Eastern Shore in Cambridge, which was down to 4 percent.

In 2010, HarVest entered into a federal consent order to boost capital. John P. “Jack” Hollerbach founded the bank with biotech executive John W. Holaday in 2004, but he stepped down as CEO last year. The bank had $158.6 million in assets in September, down from $223.1 million two years earlier, according to the FDIC.

The government issued almost 3,500 visas in fiscal 2011 through the EB-5 program, which formed in 1990, according to the U.S. Citizenship and Immigration Services. That’s up from almost 1,900 in fiscal 2010 but down from 4,200 in fiscal 2009.

Investors can give a minimum of $500,000 if the business is in a high-unemployment or rural area. The investments must save or create 10 jobs during the course of 30 months.

Besides banks, the program is helping finance the Cordish Cos.’ planned casino resort at Arundel Mills, slated to open in June.

kshay@gazette.net