The Harbor Bank of Maryland
Harbor Bank of Maryland opened its doors in September of 1982 with $2.1 million in assets. As of December 31, 2016, Harbor Bank's assets were $254 million. The bank conducts general banking business in seven branch locations and primarily serves the Baltimore, Maryland Metropolitan area. The Bank also has a branch in Riverdale, Prince George’s County, Maryland. The Harbor Bank offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans. The Bank is also a member of a local and national ATM network. The retail nature of the Bank allows for diversification of depositors and borrowers so it is not dependent upon a single or a few customers. The bank is proud of being the first community bank in the country to have an Investment Subsidiary, Harbor Financial Services.
Harbor Bank’s Mortgage Department was the first in the State of Maryland to receive Fannie Mae funding under the Community Development Financial Institution (CDFI) Program.
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program. The 7 CDBA member banks receiving awards were Central Bank of Kansas City, The Harbor Bank of Maryland, Peoples Bank, Legacy Bank & Trust, Sunrise Banks, Southern Bancorp, and United Bank.
As the COVID-19 pandemic began to rattle businesses nationwide and the federal government launched its Paycheck Protection Program, businesses in Maryland and beyond struggled to process their applications. The PPP program was launched in April 2020, but some businesses said their applications were delayed — in part because they could not find banks that accepted applications, and many banks weren't set up to do so. John Lewis, president and chief operating officer of the Harbor Bank of Maryland, said his bank not only accepted PPP applications, but his employees went out of their way to help qualified business owners, regardless of whether they were Harbor Bank customers. Harbor Bank — co-founded by Baltimore native Joseph Haskins Jr. 39 years ago — is the only Black-owned and -managed commercial bank in Maryland. Haskins is the chairman and CEO of the company, which was founded to provide capital to individuals who historically lacked it, Lewis said. Headquartered in downtown Baltimore, Harbor Bank now has six locations, mostly in the city.
The COVID-19 public health crisis coupled with the protests around the country calling for racial justice have made one thing clear: We must use this opportunity to confront and address long-standing issues of racial equity and access to capital and opportunity in this country. Whether we come out of this moment stronger or not depends on how we take action to change economic and social disparities. This is why Harbor Bank and JPMorgan Chase are partnering to make long-term investments that shift the economic future of underserved communities in Baltimore and across the region.