The Harbor Bank of Maryland is headquartered in Baltimore and is the 26th largest bank in the state of Maryland. It is also the 2,212th largest bank in the nation. It was established in 1982 and as of June of 2020, it had grown to 64 employees at 7 locations. The Harbor Bank of Maryland has a C+ health rating.
Old School, But Works Online/ Emails
I agree that it is a bit old school. However, i was okay to send my docs thru email and they were pretty quick to open my account. Took them a day to complete everything once they received my documents.
Old School
I opened an account here in Oct ‘18 to access the excellent IRA MM rate. I applied online but never could get access to the signature card form to complete the account opening. I called and emailed but no form. I finally went into a branch and completed the process. Website is limited but was able to link to another bank and transfer funds into a regular savings account. The IRA direct transfer request form is not available online (at least I could not find it) so I had to go back into the branch. The form is a carbonless triplicate (hence the title of this post). I’m not sure I would be comfortable here if I could not go into a branch. Hopefully they will improve the website capabilities. In the meantime I am very happy with the IRA MM rate. Some of the CD rates are pretty good too
Update Oct ‘19
Had this account for one year now and I would give them 4 stars on all categories. The websit update for rates is a bit slow but balances are timely. The IRA MM account has has dropped along with everything else but it’s still better than just about any other MM out there. It tracks a t-bill index so you know how it’s going to change the first week of the month. Note that they only pay interest Quarterly.
M
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 24015 |
| Year Established | 1982 |
| Employees | 64 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.12% |
| Return on Equity - YTD | 1.76% |
| Annual Interest Income | $5.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $327.9MM$295.3MM |
| Loans | Q2 2020vs Q2 2019 | $235.0MM$206.0MM |
| Deposits | Q2 2020vs Q2 2019 | $265.9MM$271.0MM |
| Equity Capital | Q2 2020vs Q2 2019 | $21.0MM$20.9MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $2.3MM$2.2MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $3.5MM$4.2MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $212.00K$0 |