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 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.
Black Americans have been hit disproportionately hard by the Covid-19 pandemic, and the White-led financial institutions that could theoretically offer economic support may simply not be enough. The coronavirus pandemic has exacerbated a crisis for Americans already facing poor economic and health outcomes, and highlights the lack of financial services institutions run by Black founders and executives. CDBA members the Harbor Bank of Maryland, OneUnited Bank, and Carver Federal Savings Bank are mentioned.
U.S. Bancorp Community Development Corporation (USBCDC) today announced $1.15 million in grants to more than a dozen Black-led Community Development Financial Institution (CDFI) partners and – in partnership with the U.S. Bank Foundation – a grant to the African American Alliance of CDFI CEOs. This is part of U.S. Bank's overall $116 million commitment to addressing social and economic inequities. A total of 15 CDFIs will receive grants ranging from $50,000 to $100,000. Among the banks receiving grants are CDBA members Carver State Bank, City First Bank of DC, The Harbor Bank of Maryland, and Southern Bancorp