BankAnnapolis plans $51M sale to Pa. company
Annapolis Bancorp of Annapolis, parent of BankAnnapolis, agreed to be acquired by F.N.B. of Hermitage, Pa., for $51 million in stock. Both companies’ boards have approved the deal, which is expected to close in April, pending regulatory and Annapolis Bancorp shareholder approval.
The acquisition would boost F.N.B.’s assets by $437 million, bringing its total to $12.2 billion, and add eight banking offices in Anne Arundel and Queen Anne's counties, according to a joint statement.
"Comprehensive and competitive financial products, a proven commitment to local communities and an outstanding record of shareholder value creation are just a few reasons why F.N.B. is an ideal partner for our shareholders, customers, employees and the communities we serve,” Richard M. Lerner, chairman and CEO of Annapolis Bancorp, said in the statement.
In Pennsylvania, Ohio and West Virginia, F.N.B. owns and operates First National Bank of Pennsylvania, First National Trust, First National Investment Services, F.N.B. Investment Advisors, First National Insurance Agency, F.N.B. Capital, Regency Finance and F.N.B. Commercial Leasing.
Small-business lending accelerates at EagleBank
EagleBank of Bethesda was one of the nation’s fastest-growing lenders under the federal Small Business Lending Fund in the second quarter, according to a new report by SNL Financial of Charlottesville, Va.
Such loans at EagleBank grew 51.9 percent over the baseline, the 21st-highest growth rate among the banks with at least $100 million in qualified small-business loans. It was the only Maryland bank among the 42 institutions with at least 25 percent growth.
The fastest growth, 191.7 percent, was at Alma Bank of Astoria, N.Y.
All told, disbursements under the lending fund program were “much lower than expected,” but participating banks “fulfilled the program's aim and [have] grown loans at an accelerated pace,” according to an SNL statement.
The 277 lenders that received the lending funds grew their qualified small business loans at an average rate of 55.9 percent during the course of the program through June 30, according to a Treasury report last month.
Metro foreclosure rates dip in third quarter
The Greater Washington, D.C., metropolitan region had the nation’s 146th-highest foreclosure rate in the third quarter, according to new data from RealtyTrac of Irvine, Calif.
With one filing per 483 households, the rate was down 3.2 percent from the second quarter and 22.8 percent from the third quarter of 2011.
The Baltimore-Towson region came in at No. 165, with one filing per 673 households, down 6.2 percent from the second quarter, but up 13.8 percent from a year earlier.
The Hagerstown-Martinsburg, W.Va., region was No. 167, with one filing per 703 households, down 14.58 from the second quarter and up 23.3 percent from a year earlier.
The U.S. average was one filing per 248 households, down 4.8 percent from the second and 12.9 percent from a year earlier.
The Stockton, Calif., region had the highest rate in the U.S., with one filing per 67 households, down 0.7 percent from the second quarter and 20.8 percent from a year earlier.
O’Malley names seven to gambling commission
Gov. Martin O'Malley (D) named two new members and reappointed five other members to the State Lottery and Gaming Control Commission.
The new members are John Morton III, retired president and CEO of Bank of America/Nations Bank, Premier Bank and Boatmen's National Bank of St. Louis, and chairman of the state Work Group to Consider Gaming Expansion; and Bert J. Hash Jr., chairman and CEO of the Municipal Employees Credit Union of Baltimore.
The reappointed members are F. Vernon Boozer, a lawyer with Covahey, Boozer, Devan & Dore; J. Kirby Fowler Jr., president of the Downtown Partnership of Baltimore and executive director of the Downtown Management Authority; E. Randolph Marriner, CEO of Marriner Enterprises and owner of Victoria Restaurant Group; Diane Lee McGraw, former computer scientist and program manager with the National Security Agency; and Kimberly Robertson Pannell, senior partner and certified public accountant with Raffa.
Tech-transfer panel names leaders, programs
The Maryland Innovation Initiative, a state panel tasked with facilitating technology transfer from university labs to startups, elected Robert Hallenbeck chairman and Patrick O’Shea vice chairman. It also named Jennifer Hammaker program manager, effective Nov. 5.
Hallenbeck is a vice president with BD Biosciences, a division of global medical technology company Becton, Dickinson. O’Shea is vice president and chief research officer at the University of Maryland, College Park and a professor of electrical and computer engineering. Previously, Hammaker was associate director of business development at Penn State College of Medicine’s Office of Technology Development and director of business development at the Innovation Transfer Network at Penn State’s Harrisburg campus.
The panel also announced two new programs designed to provide funding to support the commercialization of technologies at five qualifying Maryland universities.
The Innovation Discovery Program and Innovation Commercialization Program are operational. The former program helps Johns Hopkins University; Morgan State; and the University of Maryland in College Park, Baltimore County and Baltimore engage tech commercialization experts responsible for identifying promising technologies and fostering collaborations.
The second program will provide funding to support the commercialization of qualified university technologies at three stages: pre-commercial translational research, commercialization planning and early-stage product development. Total awards of up to $215,000 will be available to projects at a single university, with total awards of up to $270,000 available to joint applications involving one or more universities.
Applications are available at marylandtedco.org/publications/MDInnovationInitiative.cfm.