Strategies in Lending from the Perspective of a Mid-Sized Bank

By Michael J. Cusack, Vice President, The First National Bank Of Maryland

The following speech was presented at MarineMoney’s 8th Annual Ship Finance Forum held in New York on June 25-26.

To appreciate the perspective and strategic outlook of a mid-sized bank on the maritime industry, allow me to briefly describe The First National Bank of Maryland’s evolution in ship financing. First Maryland, a full-service, commercial bank established over 150 years ago, became during the course of the 1980′s a wholly-owned subsidiary of Allied Irish Banks, the leading financial institution in Ireland with assets in excess of $50 billion. Following the imminent acquisition of Dauphin Deposit Corporation, headquartered in Harrisburg, Pennsylvania, First Maryland will grow from $11 billion to $17 billion in assets placing it within the top 50 U.S. banks. As lending opportunities evolved, First Maryland identified and pursued a successful strategy of establishing specialized units to focus on industry niches such as Healthcare, Communications, Real Estate, and Transportation and Leasing, the latter comprising the International Maritime Division.

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