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DLLR News

 

Maryland Commissioner of Financial Regulation Approves Municipal Employees Credit Union's Purchase of Advance Bank

 

BALTIMORE, MD (October 31, 2013) - Mark Kaufman, Maryland Commissioner of Financial Regulation, today announced his approval for the purchase and assumption of the assets and liabilities of Advance Bank by Municipal Employees Credit Union (MECU) of Baltimore. Advance Bank, a federally-chartered mutual savings bank located in Baltimore, Maryland, has two branches and total assets of approximately $54 million. The proposed transaction is expected to be completed by year-end 2013, subject to any remaining regulatory approvals.

The Office of the Commissioner of Financial Regulation is the primary regulator for the financial institutions chartered in Maryland, including all state-chartered banks, credit unions, and trust companies, as well as all non-depository mortgage brokers, servicers and lenders licensed by Maryland.

The Department of Labor, Licensing and Regulation protects and empowers Marylanders by safeguarding workers, protecting consumers, providing a safety net and cultivating a thriving workforce that can meet the demands of Maryland's dynamic economy. For updates and information, follow DLLR on Twitter (@MD_DLLR), Facebook and visit our website . Get more information on EARN Maryland.