Magazine article American Banker

Second National of Maryland Gains Approval to Acquire Delaware Thrift

Magazine article American Banker

Second National of Maryland Gains Approval to Acquire Delaware Thrift

Article excerpt

WILMINGTON, Del. -- The director of the Maryland Division of Savings and Loan Associations has approved the merger of Second National Building & Loan Inc. of Salisbury, Md., And a small Delaware thrift. Second National is the first out-of-state S&L allowed to begin full operations in Delaware.

Charles H. Brown, the division's director, approved Second National's merger with Lewes and Rehoboth Building & Loan Association of Lewes, Del., last week.

Meanwhile, the Delaware League of Savings and Loan Associations is petitioning the Delaware legislature to amend state banking codes to halt any further incursions by out-of-state thrifts into Delaware.

Second National, with assets of more than $400 million, will take over the Rehoboth Beach, Del., offices of its merger partner, which has assets of about $750,000. Henry A. Berliner Jr., Second National's president, said full teller operations will begin within 30 days.

The merger follows the approval from Delaware's banking commissioner last month permitting Second National to open a branch office in the state.

Second National had been accepting deposits in Delaware since June but was required to formally open the accounts in Maryland. Second National opened these accounts at its nearby Ocean City, Md., branch.

Until Second National applied for the branch office, no out-of-state S&L had come into Delaware under little-known but long-existing provisions of the state banking code. The Delaware league, once alerted to the lack of restrictions, now wants the banking codes revised. …

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