Eastern Savings Bank
Eastern Savings Bank is not doing well these days according this news report.
If I had money in this local Maryland bank, I'd be quick about withdrawing it. FDIC could someday soon show up on a Friday evening at Eastern Savings Bank.The Eastern Savings Bank of Hunt Valley, MD was listed as having a Texas ratio of 222.74, meaning it had twice as many bad loans as assets and surplus.
Repeated calls seeking comment from Eastern were not returned.
Remember FDIC is $100,000 per named relationship, not $100,000 per account for deposit accounts. Click here for more information. Be sure not to end up like the100's of customers at Indymac who got this backwards.
In other local bank news, it is reported that First Mariner Bank has an informal agreement with Federal Reserve Bank of Richmond to improve operations.
Many banks nationwide are suffering from the mortgage crisis, and of all Greater Baltimore's banks, First Mariner has taken one of the biggest hits. The bank lost $10 million last year and has an informal agreement with the Federal Reserve Bank of Richmond to improve operations. The last time the bank was in the black was in the first quarter of 2007, when it eked out a $100,000 profit. First Mariner got slammed on alternative-A loans, called "alt-A" loans -- mortgages to buyers who had decent credit but provided little or no verification that they had the income to pay back the loans. First Mariner sold the alt-A loans to investors, but had to buy back millions of dollars' worth of loans when borrowers defaulted on them.Also in the article they talk about selling the Towson and Ocean City branches. Would it also be fair to speculate overhead jobs are at risk?
Feel free to send me anonymous tips regarding local businesses, banks, housing, etc...
UPDATE:
In fairness to Eastern Savings Bank I'm posting this link to a Baltimore Sun article where Eastern says it's sound. I've had a few dozen hits from this bank today so if anyone would like to send me an anonymous tip or official statement, I'd be glad to post it.

