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.
JPMorgan Chase is partnering with The Harbor Bank of Maryland as part of The Financial Agent Mentor Protégé program sponsored by the U.S. Department of the Treasury. The mentor program enlists large banks that currently serve as Financial Agents to the Treasury to mentor small, highly capable banks. This program helps prepare the new generation of financial institutions to succeed in responding to the dynamic and diverse challenges that arise when working with the Treasury. "We're excited about the opportunity to help black-owned community banks expand their capabilities through this program," said Eva Robinson, Head of Treasury Services Public Sector Sales for North America, J.P. Morgan.
The recent #BankBlack social media campaign has brought black banking back into the national consciousness. The movement has inspired thousands of people across the country to transfer or deposit millions of dollars into black-owned banks for the first time. With this support, black-owned banks invest in urban communities, employ African Americans, and inspire black home ownership. For those considering making the change, here is a list of 13 banks to consider, including CDBA members United Bank, Industrial Bank, Harbor Bank of Maryland, Broadway Federal Bank, OneUnited Bank, Carver State Bank, First Independence Bank, GN Bank, and Metro Bank.
Historically Black-owned banks have been a foundational pillar for the community by providing African Americans access to financial services and capital for businesses. Now, with movements such as #BankBlack, social media has brought awareness to the importance of banking Black and using our money to back these institutions. For those interested in making the shift over, Rolling Out recommends five high-performing black banks, including CDBA's Industrial Bank, OneUnited Bank, and The Harbor Bank of Maryland.