Mercantile Peninsula Bank

New bank loan office opens near OC

WEST OCEAN CITY -- Setting the stage for an expansion to the north end of Worcester County, Virginia's Shore Bank has opened a loan production office in West Ocean City.

Shore Bank set up shop this month in an office in the Decatur Business Park. The loan production office is expected to be replaced by a full-service branch office in the area in 2012.

"The base of Shore Bank has always been on the eastern shore of Virginia, but in the last 10 years its expanded to Maryland," said Tom Mears, Shore Bank's president and chief executive officer.

Mears said that Shore Bank, which already has offices in Pocomoke and Salisbury, had considered coming to the Ocean City area for a while but had not had the "right folks" to do it. He said bank officials finally decided to venture into northern Worcester County when he and Douglass Cook were hired, as they both had years of banking experience in the Ocean City area.

"We have a lot of long-standing customers in the market," Mears said.

Mears, who joined Shore Bank in January, has more than 20 years of banking experience. He worked for Wilmington Trust and served as regional president for PNC. Cook, who started with Shore Bank in November, has similar credentials, with more than 17 years of experience in banking after working for BB&T and PNC/Mercantile Peninsula Bank.

"Our banking roots take us to Ocean City," Mears said.

He said the loan production office, which will produce and settle loans, will serve as a springboard for the full-service branch office Shore Bank plans to open in the Ocean City area in early 2012. Mears says the loan office, while temporary, is expected to do plenty of business.

"One of the reasons we're there is because of the demand we have in the market," he said.

Mears said that even with the economic downturn the bank's business has stayed steady, and has even seen a "tremendous" increase in loan demand in the last six months. Small business lending makes up a significant amount of that, he said.

cpolk@dmg.gannett.com

410-213-9442, ext.

FDIC loss for failed Peninsula Bank widens « 4-Liability

’S deposition word comment some-more than creatively expected.

The estimated detriment to a word comment was $192.6 million when a bank sealed on Jun 25, 2010. As of Sept. 30, a estimated detriment had increasing to $214.5 million and given that time has remained above $200 million, according to a news from a Office of Inspector General for a U.S. Department of a Treasury.

Peninsula, with $655.3 million in sum resources when it was sealed by a Florida Office of Financial Regulation , unsuccessful essentially since a house of directors and government did not effectively conduct risks compared with fast growth, a news said.

That growth, from 2003 to 2006, led to a complicated thoroughness in blurb genuine estate loans, essentially acquisition, growth and construction loans. The bank’s collateral levels did not boost co-ordinate with a risk, a news said. Liberal underwriting practices and messy slip of lending also contributed to item peculiarity problems that grown when mercantile conditions in a marketplace deteriorated.

Peninsula also was contingent on non-core appropriation sources, quite timed deposits of $100,000 or more, brokered deposits and loans from a Federal Home Loan Bank, a news said. Those appropriation sources became singular when Peninsula’s financial condition deteriorated, nonetheless that was not a primary means of a failure, a news said.

Thomson bank directory

The bank directory

Ginsberg & Martin on Bankruptcy

Directory of corporate affiliations

Berlin