Little common investment banks serve Maryland disappointed by the holders of megabanks
During most of the largest bank in May chains dominate the industry, small banks of the Community in the way some entrepreneurs.
Ask yourself part owner of Steve DeChello Auto Body in Marlow Marlow Heights, said he refused the financing of the Sun Trust Bank, when they try to develop its business. While megabank helped DeChello beginning of his activity, he went to Old Line Bank, which it loaned $ 1.8 million Waldorf open his situation.
”Instead we work, we decided to find a bank to do business, which is, as we liquidated Old Line Bank, “said DeChello.”It strengthens and we gave the shouting we were looking for. ”
Small community banks - as former places, monuments, and the loyalty and trust, both based in Bethesda, for example - typically, fewer customers and employees than large banks.
But customer service and on the basis of a niche where it can succeed, small banks do better in the state of the hyper-competitive banking climate.
Typically, small banks is more accessible than large chains, “said Barry Watkins, president of Fidelity and Trust Bank in Bethesda. And even with competition among smaller banks, there is still meaningful to the teamwork, “he said.
”There is no greater bank with a local group decision-making, “said Watkins.”There is a genuine spirit of camaraderie and communication between the banking community. We see ourselves as a flag banking community.
One thing, the figures
Old Line Bank, provides financing for small and medium enterprises, its headquarters from Waldorf to Bowie, this month to fill a void in the county of Prince George’s, said James W. Cornelsen, President and CEO.
”If we saw there was not a community bank in the region, “said Cornelsen, 52”Le market is served by the banking community. Businesses want banks by the municipality.”
Match John Holt, Director General of Danielson Associates Inc., a consulting firm bank in Vienna, Va., said Old Line is certainly necessary to Prince George’s, a county chock-full of small and medium enterprises.
”There is no clear Community leader in this market, enabling them to travel to the region wide open, “said Holt Away.
Old Line Bancshares, the parent company of Waldorf Old Line Bank, reported 69 percent of net income exceeding $ 383453 for its second quarter of this year. Total assets grew by 11.6 percent to $ 188.6 million. Old Line Bank has five offices in Waldorf, Clinton and Accokeek, with plans for the construction of offices in College Park and Crofton, the Bank, with about 54 employees, has about 5500 customers, “said Cornelsen.
While growing up, Cornelsen said that his father had predicted exactly his career.
”I think my father knew that I wanted no doubt in the business, “said Cornelsen.”I did not really see, but I was always very good with numbers, math and money . ”
As qu’enfant, Cornelsen delivered newspapers to earn money. So when he was a teenager greenskeeper in a country club golf course in Bethesda near his home. He appreciates the care of lawns and in his spare time, works at his court in his native La Plata, where he lives with his wife and daughter.
Cornelsen began his career at the Bank during 1978, Citizens Bank of Maryland. He has a line counter Old Bank in 1994, when he was in an office - Waldorf - and $ 20 million in assets. The Bank reported $ 169 million of assets last year, an increase of 49 percent to $ 113.6 million the previous year, according to the Securities and Exchange Commission. Net income last year was $ 1.1 million, an increase of 39 per cent of $ 816641 in 2004.
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