First Maryland Bancorp Explained

Industry:	Banking
Foundation:	as Mechanics Bank of Baltimore
Assets:	$18.3 billion (2001)
Num Employees:	6,000

First Maryland Bancorp was a bank holding company that operated the First National Bank of Maryland. The company changed its name to Allfirst Financial in 1999 and was acquired by M&T Bank in 2003.

The company operated 250 branches and more than 575 automated teller machines in Maryland, Pennsylvania, Washington D.C., Northern Virginia, and Delaware.

History

The bank was founded in 1806 as Mechanics Bank of Baltimore.^[1]

In 1864, it established First National Bank of Maryland.^[1]

In 1983, Allied Irish Banks made an investment in the company.^[1]

In 1988, Allied Irish Banks acquired the portion of the company that it did not already own.^{[2] [1]}

In 1997, the company acquired Dauphin Deposit Corporation for $1.36 billion.^{[3] [4]}

In 1999, the company changed its name to Allfirst Financial.^[5]

In 2003, M&T Bank acquired the company.^[6]

Notes and References

1. News: Bank's roots in Maryland reach to early 19th century . June . Arney . . February 7, 2002.
2. News: Allied Irish Banks to buy First Maryland Bancorp . . December 6, 1988.
3. News: First Maryland Bancorp to gobble Dauphin Deposit . . January 21, 1997.
4. News: First Maryland to Acquire Dauphin . . January 22, 1997.
5. News: First Maryland to be Allfirst Financial . Bill . Atkinson . . April 15, 1999.
6. News: Allfirst's sale to M&T Bank is completed . William . Patalon III . . April 2, 2003.