Ellicott City, Md.-based Howard Bancorp Inc. has completed its acquisition of Baltimore-based 1st Mariner Bank.
The combined company will operate under the name Howard Bank and will have 21 branches in the Greater Baltimore Metropolitan Area.
As of Dec. 31, 2017, Howard Bank had $1.15 billion in assets, while 1st Mariner had $989.4 million in assets. On a pro forma basis, the combined company will have around $2.1 billion in assets, $1.6 billion in loans and $1.6 billion in deposits.
Howard Bancorp Chair and CEO Mary Ann Scully will retain her roles in the combined company, while 1st Mariner CEO Robert Kunisch was named president of Howard Bancorp and Howard Bank, and he will join both of their boards.
Nasser Basir, Robert Hartson, Gary Bozel, Karen McGraw and Richard Morgan have resigned from Howard's board to accommodate the new directors. They were succeeded by Kunisch, W. Gary Dorsch, James Dresher Jr., Howard Feinglass, Michael High and Jack Steil of First Mariner.
Steil, who was First Mariner's chairman, will also serve as senior business development adviser.
Howard Bancorp's headquarters will be moved to 1st Mariner's headquarters in Baltimore.
