Harbor Bank of Maryland, the only Black-owned bank in the state, celebrates 40 years in business

By Megan Sayles, AFRO Enterprise Author,
Report for America Corps Member,
msayles@afro.com

This September, the Harbor Financial institution of Maryland (Harbor Financial institution) celebrated its fortieth anniversary. Since 1982, the industrial financial institution has been serving Maryland, D.C. and Northern Virginia, providing checking and financial savings accounts; time deposits; credit score and debit playing cards; and industrial actual property, private, residence enchancment and different installment loans. 

One in every of 42 Black-owned monetary establishments within the nation and the one Black-owned financial institution in Maryland, Harbor Financial institution was fashioned to offer monetary companies to underserved communities, who’ve traditionally been saved out of the normal banking system. 

“The Harbor Financial institution of Maryland was based over 40 years in the past with a mission to satisfy the wants of small- and minority-owned companies within the Baltimore-Metropolitan space the place a scarcity of entry to capital and banking companies existed,” stated Joseph Haskins, CEO, co-founder and chairman of Harbor Financial institution.  “The formation of Harbor helped to deal with these wants; nonetheless, many of those adversities nonetheless exist immediately.”

Whereas there was a current name to motion for range and inclusion within the office, Harbor Financial institution employed girls and minorities since its inception and in addition had them take part on their board of administrators. 

Earlier than the financial institution’s institution, many doubted that Haskins and his colleagues would amass sufficient capital to safe a Maryland financial institution constitution, however they defied expectations. It opened with $2.1 million in property, and as of 2020, the financial institution’s property have climbed to $321 million. 

At the moment, Harbor Financial institution maintains eight branches and, most not too long ago, opened a location within the newly reworked Northwood Commons buying middle in Northeast Baltimore. 

Throughout the COVID-19 pandemic, Harbor Financial institution grew to become a lifeline to native companies that wanted supplemental funding to outlive the financial shutdown. The financial institution was capable of present small- and minority-owned companies with monetary help via the Paycheck Safety Program (PPP). 

Its help of the underserved continued even after the economic system started to recuperate from the results of the pandemic. In February, Harbor Financial institution introduced a partnership with Cerebro Capital, a industrial mortgage market, to offer $50 million in loans to small- and minority -owned companies within the Baltimore-Washington metropolitan space.

Thibault Manekin, a companion at Baltimore-based actual property firm Seawall, stated Harbor Financial institution has reimagined the banking business and propelled numerous and inclusive tasks and corporations to advance all through Baltimore and the larger DMV area. 

Miguel Lambert, CEO of the minority-owned Bulldog Group, additionally recommended the help of Harbor Financial institution. 

“We’ve been banking there, and the Harbor Financial institution has executed simply an incredible job in serving to us finance and develop properties throughout Baltimore Metropolis,” stated Lambert. “We’re really blessed to have a companion like Harbor Financial institution and only for them to grasp our targets in serving the Metropolis of Baltimore.”

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