Troubled Maryland Bank Finds Buyer

The owner of a company that provides mortgage financing to the health care industry is purchasing a troubled state-chartered commercial bank in Maryland. Jack Dwyer, a Baltimore businessman and owner of Capital Funding Group Inc., is acquiring AmericasBank Corp., Towson, Md., in a cash transaction and at no cost to the FDIC. Financial terms of the deal were not disclosed. After the close of the transaction, the newly formed Capital Funding Bancorp intends to inject more than $35 million in capital into the bank, which has $146 million in assets. Mr. Dwyer said AmericasBank is a good platform that Capital Funding Group can use to expand its health care related mortgage lending program. Last summer AmericasBank closed its residential mortgage banking operation but continues to make mortgage loans through its bank branches. Its stock was delisted from Nasdaq and now trades over the counter. It closed on April 6 at $0.10 per share. At the end of September, AmericasBank signed an agreement with the Federal Reserve Board giving it 60 days to submit a capital plan and a written business plan for 2009 to improve earnings and the overall condition of the bank.