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Regulators Take Possession of NBRS Financial Bank

BALTIMORE, MD (October 17, 2014) – Today at 6:00 p.m., Maryland Acting Commissioner of Financial Regulation Gordon M. Cooley took possession of NBRS Financial Bank, Rising Sun, Maryland, and the FDIC was immediately appointed as receiver. Howard Bank assumed all deposits and purchased most of the assets from the FDIC.

"We work diligently with our federal counterparts to ensure that our banks operate safely and soundly, and to assist them in meeting challenges as they arise. Following several years of losses related to nonperforming assets, NBRS was unable to find additional capital to restore the bank to a sound condition, or a buyer for the bank," said Acting Commissioner Cooley. "Despite this isolated instance, the state banking system remains safe and sound."

Chartered as a national bank in 1880, NBRS converted to a Maryland charter in 2002. NBRS has 5 branches located in Rising Sun, Aberdeen, Elkton, and Street, Maryland and Peach Bottom, Pennsylvania. As of June 30, 2014, NBRS had total assets of approximately $188 million and total deposits of approximately $183 million.

All depositors will automatically become depositors of Howard Bank, and deposits will continue to be insured by the FDIC. Branches will reopen for customers on their normal schedule as branches of Howard Bank on Saturday morning. Tonight and throughout the weekend, NBRS depositors can continue to access their funds by writing checks and utilizing their existing ATM and/or debit cards.

"Customers of NBRS can expect no disruption" said Acting Commissioner Cooley. "Howard Bank has demonstrated strong leadership, and commitment to the residents of Central Maryland. Nowhere is this commitment more evident than Howard Bank being the first Maryland-chartered bank to assume deposits and purchase assets of a closed local bank from the FDIC. Howard Bank's management has been actively expanding its market presence in Maryland, most recently in Harford County, having acquired a branch in Havre de Grace from NBRS in August 2014."

The FDIC has established a website and a toll-free number to answer questions regarding its receivership for NBRS Financial Bank. The toll-free number is 800-930-1848. This phone number will be operational this evening until 9 p.m. Eastern Time ("ET"), on Saturday from 9 a.m. to 6 p.m. ET, on Sunday from 12 noon to 6:00 p.m. ET, on Monday from 8 a.m. to 8 p.m. ET, and thereafter during regular business days from 9 a.m. to 5 p.m. ET. Howard Bank has established a toll-free number for NBRS depositors and borrowers. The toll-free number is 844-862-7061. This phone number will be operational this evening until 9:00 p.m. ET, on Saturday, October 18th from 8:30 a.m. to 5:30 p.m. ET, and thereafter Monday through Friday from 8:30 a.m. to 5:30 p.m. ET.

Questions or comments for the Office of the Commissioner should be directed to Maureen O’Connor, Communications Director, DLLR, on her cell phone (410) 913-4061 or

Resolution of NBRS Financial Banks Frequently Asked Questions (FAQs) - October 2014