Today Bay National Bank in Lutherville was closed by Federal Regulators.
It will re-open on Monday as Bay Bank. Bay Bank is also located in Lutherville.
This is the fourth Maryland bank to close in the past two years, according to the Baltimore Sun.
Bay National Bank customers will be able to access their money over the weekend, and won’t have to worry that checks will not go through, as they will be honored. People who have Bay National Bank mortgages will continue to pay their mortgages as usual. All Bay National Bank customers should wait for notification from Bay Bank before making any changes, as it may take some time to get the systems switched over.
Bay National Bank in Lutherville was FDIC insured, so insured deposits are still available. The FDIC estimates that this closure will cost the Deposit Insurance Fund approximately $17.4 Million.
the above bank bought the house next to mine in annandale, VA for 1.1 million on 6-22-10 (foreclosure was 6-02-10) The people squatting in the property are renting out rooms and not keeping up the property.It really makes me curious about inside deals when an unstable bank buys an overpriced elephant. I would like to complain to someone about the conditions next door… any ideas since you have the reputation of being on top of things. the property address is 3809 Hummer road Annandale, VA. Thanks in advance for any advice you can give.
Hi Lillian, the details of the buy-out for Bay National by Bay Bank are not readily available so I cannot see if they got their assets and debts, or what has happened with foreclosure properties.
You may be able to contact someone at Bay Bank to try to get some help with the situation. Usually there are asset managers who would be assigned to each case.
Hopefully this one will be soon, so that they can evict if necessary, and get that house on the market.
Here is contact information for Kevin Cashen, President & CEO of Bay Bank — plus a phone number where hopefully someone can help you.
Good luck!
http://www.baybankmd.com/
[…] Maryland since January 2009. They are the largest of the local institutions to be closed. They join Bay National Bank as the two closed in Maryland this […]