By Megan SaylesAFRO Workers Writermsayles@afro.com
The Harbor Financial institution of Maryland (HBM), a Baltimore-based group financial institution devoted to fostering inclusive financial progress, has opened a department in Silver Spring, Md.
The brand new location is a part of the monetary establishment’s broader effort to broaden its footprint all through the Baltimore-Washington area.
“We’ve had a mortgage manufacturing workplace in Silver Spring for the previous eight years. Slightly over 20 % of our industrial lending portfolio is already inside the radius of that workplace,” mentioned Jerry T. Sanford, managing director for financial growth at HBM. “It made sense to have a retail department to assist assist our presence out there.”
HBM’s roots date again to 1982, when a gaggle of Black leaders— together with co-founder Joseph Haskins Jr.— established the establishment to serve Black residents who had lengthy been locked out of conventional banking. Since then, it’s grown from $2.1 million in property to $400 million.
Sanford, who maintains a background in company and financial growth, joined HBM two and a half years in the past. His position facilities on advancing the expansion of the corporate, with a particular emphasis rising the financial institution’s presence in Montgomery and Prince George’s Counties.
For Sanford, the brand new department is a chance to develop into much more ingrained in native communities.
“I feel we are going to develop into nearer with the group— each with the native enterprise group and the common group member,” mentioned Sanford. “We’re already actively engaged with a lot of the completely different chambers of commerce in Montgomery County, Silver Spring and Bethesda. I see our relationship rising and bettering.”
HBM held a comfortable opening for the Silver Spring department on July 30, with a particular look from cultural icon and Afrofuturist pioneer, George Clinton.
Through the occasion, Clinton showcased “Thangularity Mothership,” an unique piece he designed with Overton Loyd. In Afrofuturism, the mothership typically symbolizes freedom from Earthly oppression. The sculpture can be on everlasting show within the department for purchasers to view.
In September, HBM intends to carry a grand opening celebration in Silver Spring to mark its seventh department.
“As we develop into the Silver Spring market with our seventh department, this second represents extra than simply brick and mortar— it’s about entry, visibility and making a monetary dwelling for a brand new wave of shoppers and communities,” mentioned John Lewis, president and CEO of HBM in an announcement. “It’s solely becoming that we have a good time with a visionary like George Clinton, whose work has all the time pushed boundaries, uplifted voices and appeared ahead to a brighter future.”
