Fed approves merger of Howard Bancorp with First Mariner

The merger of Howard Bancorp with First Mariner Bank (FM), both of Maryland, was approved on a vote of 3-0 Monday by the Federal Reserve Board.

The Federal Reserve, in its filings, noted that the resulting financial institution (Howard Bank) would become the 384th-largest depository organization in the United States, with consolidated assets of approximately $2.1 billion, representing less than 1% of the total assets of insured depository organizations in the country.

In Maryland, Howard would become the 12th largest depository organization, controlling deposits of approximately $1.6 billion, which represent 1.2% of the total deposits of insured depository institutions in that state, the Fed said.

Federal Reserve Board announces approval of application by Howard Bancorp, Inc.