East Coast Capital Holdings Acquires Interest in Harbor Bankshares Corporation
November 13, 2014
SSBIC focused on minority depository institutions acquires interest in Maryland-based bank holding company.
East Coast Capital Holdings, a Specialized Small Business Investment Company and a licensee of the Small Business Administration, is pleased to announce that it has acquired a minority common stock interest in Harbor Bankshares Corporation, the holding company for The Harbor Bank of Maryland, a minority depository institution.
Harbor Bank of Maryland is a Maryland chartered commercial bank with seven branch locations and headquartered in Baltimore, Maryland. The Bank was founded in 1982 and its deposits are insured by the Federal Deposit Insurance Corporation. Harbor Bankshares has two U.S. Treasury Department certified Community Development Financial Institutions (CDFIs) and has used the $141 million awarded from the CDFI Fund to leverage over $800 million in urban development. Harbor Bankshares received a $6.8 million investment from U.S. Treasury’s Troubled Asset Relief Program (TARP).
Zindel Zelmanovitch, founder and chief executive officer of East Coast Capital Holdings, noted, “This investment is a natural progression in our strategy to invest in first-class minority financial institutions, particularly those that received TARP investments, and we are proud and excited to be Harbor shareholders.”
For more information about East Coast Capital Holdings visit: http://eastcoastcapitalholdings.com
About East Coast Capital Holdings
East Coast Capital Holdings, headquartered in New York City, is a Specialized Small Business Investment Company (SSBIC), licensed by the Small Business Administration (SBA) in 1986 to make loans to and investment in small businesses that are at least 50% owned or controlled by individuals who qualify under SBA regulations as socially or economically disadvantaged. ECCH invests in minority depository institutions that received funding from U.S. Treasury’s Troubled Asset Relief Program.