The Harbor Bank of Maryland

What The Harbor Bank of Maryland does

The Harbor Bank of Maryland is a privately held, Black-owned community bank founded in 1982 in Baltimore, MD, operating as a subsidiary of Harbor Bankshares Corporation (formed 1992). The bank is an FDIC-designated Minority Depository Institution and a U.S. Treasury-certified Community Development Financial Institution (CDFI), with a 13-time U.S. Treasury Bank Enterprise Award history. It serves individual consumers and small-to-medium businesses in the Baltimore metropolitan area and Montgomery County through seven physical branches and a Silver Spring loan production office, complemented by the HBM Connect mobile app, HarborConnect online banking, Harbor TeleBanc telephone banking, and 55,000+ Allpoint surcharge-free ATMs.

The bank's product portfolio spans personal banking (No Hassle Checking, Gold Plus Checking, NOW, Platinum Express NOW, Smart Account, Statement Savings, Money Market, Investment Money Market, CDs with terms from 7 days to 10 years, IRAs, personal loans and lines of credit, mortgages) and business banking (business checking and savings, working lines of credit, commercial real estate loans, permanent loans, SBA lending, merchant services). Distribution includes Visa Check Card and Mastercard/Cirrus networks, Zelle integration, and a Visa debit card product. Investment products are offered through the Empower Shares program in partnership with J.P. Morgan Institutional Investments Inc., distributing JPMorgan money market funds to impact investors under a referral and services agreement.

Revenue is generated primarily through net interest income on the lending portfolio (personal, mortgage, business, commercial, SBA), deposit account fees (overdraft $35 per item, wire transfer fees, account maintenance), service charges (cashier's checks $20, money orders $5, safe deposit boxes), and investment product fees. Distribution relies on a branch-led community banking model augmented by digital channels, with a Community Development Corporation (CDC) — including the Joseph Haskins, Jr. Center for Community and Economic Development — supporting community impact, real estate development, and small business incubation. As of 2022, Harbor Bankshares Corporation held approximately $400 million in assets.

Name

The Harbor Bank of Maryland

Legal name

The Harbor Bank of Maryland

Website

https://theharborbank.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

101–250 employees

Short description

The Harbor Bank of Maryland is a Black-owned, CDFI-certified Minority Depository Institution community bank founded in 1982, providing personal and business banking, lending, and community development services across the Baltimore metropolitan area and Montgomery County through seven branches and digital channels.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking services
• Personal checking accounts
• Commercial lending solutions
• Mobile banking app
• Community development finance

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Lending: Interest earned on personal loans, mortgages, business loans, commercial loans, and lines of credit
2. Deposit Account Fees: Overdraft fees ($35), ATM fees, wire transfer fees, account maintenance fees, and stop payment fees
3. Investment Products: Revenue from CDs, IRAs, money market accounts, and investment products including Empower Shares partnership with J.P. Morgan
4. Service Charges: Fees for cashier's checks ($20), money orders ($5), safe deposit boxes, and account research

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

The Harbor Bank of Maryland is a community bank providing FDIC-insured deposit products (checking, savings, money market, CDs, IRAs) and lending products (personal loans, mortgages, commercial real estate loans, SBA loans, working lines of credit) to individuals and small-to-medium businesses. Services are delivered through seven physical branches, online banking (HarborConnect), a mobile banking app (HBM Connect), and a telephone banking line (Harbor TeleBanc). The bank also offers Empower Shares institutional impact investment products in partnership with J.P. Morgan Investment Management.

Product overview

The Harbor Bank of Maryland is a minority-owned community bank offering a comprehensive suite of banking products and services through a multi-channel approach. The core banking portfolio includes personal products (checking, savings, CDs, IRAs, mortgages, personal loans) and business products (checking, savings, commercial loans, SBA lending, merchant services). Digital channels include HBM Connect mobile banking app, HarborConnect online banking, and Harbor TeleBanc telephone banking. The bank also offers investment products through the Empower Shares program in partnership with J.P. Morgan, and community development services through its CDC. The bank operates 7 branches in the Baltimore Metropolitan area with an additional office in Silver Spring, MD.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Flexible checking accounts designed to fit different lifestyles, including No Hassle Checking with a $100 minimum opening deposit and Gold Plus Checking tailored for individuals 55+ that earns interest with a $1,000 minimum balance.
• Personal Savings Savings and money market accounts for individuals, including Statement Savings ($100 minimum to avoid fee), Money Market Savings ($2,500 minimum), and Investment Money Market ($25,000 minimum) with varying interest rates and transaction limitations.
• Certificates of Deposit (CDs) Fixed-rate, flexible-term FDIC-insured Certificates of Deposit ranging from 7 days to 10 years, including a promotional 24-month CD at 3.04% APY for balances of $1,000 or more (limited time, new money only).
• Personal Loans & Lines of Credit Personal installment loans and revolving lines of credit for individual customers to address unexpected needs, life events, or short-term liquidity.
• Mortgages Mortgage loans for purchasing first homes, moving to new homes, or building dream homes, with originations handled by the bank's lending team and inquiries routed via [email protected].
• IRAs (Individual Retirement Accounts) Retirement savings plans with IRA Money Market, IRA Variable, and IRA Fixed options across various terms and minimum balances for individual retirement planning.
• Business Checking Business checking accounts designed to meet the day-to-day cash management and transaction needs of commercial customers.
• Business Savings & Investments Savings and investment products designed for business customers to manage operating reserves and earn yield on excess balances.
• Business Loans Commercial lending products including Working Lines of Credit, Commercial Real Estate Loans, Permanent Loans, and SBA Lending for small businesses seeking growth capital, real estate financing, or working capital.
• HBM Connect Mobile Banking Mobile banking application for iPhone and Android that enables customers to view statements, transfer funds, send Zelle payments, deposit checks remotely, pay bills, review transaction history, and receive banking notifications 24/7.
• Online Banking (HarborConnect) Web-based banking platform at theharborbank.com enabling customers to view account balances, transfer funds between checking and savings, make loan payments, pay third parties, and access account information.
• Harbor TeleBanc Automated telephone banking service available 24 hours a day at 1-800-364-0472, allowing customers to transfer funds between checking and savings accounts and obtain account balance information.
• Empower Shares Institutional investment program distributed in partnership with J.P. Morgan Institutional Investments Inc., offering JPMorgan Prime Money Market Fund, US Government Money Market Fund, US Treasury Plus Money Market Fund, and 100% US Treasury Securities Money Market Fund to generate positive measurable social impact.
• Visa Check Card (Debit Card) Visa-branded debit/check card product used for point-of-sale purchases, ATM cash withdrawals (with a $300 daily limit), and online transactions, with a 1% fee on international transactions processed through Visa's exchange rates.
• Merchant Services Card acceptance service enabling business customers to process customer payments via debit and credit cards.
• Community Development Programs Financial empowerment and literacy programs, youth banking initiatives, and small business support services delivered through the Harbor Bank Community Development Corporation (CDC), including the Emerging Developers Program for real estate developers of color.

Quantifiable outcome

• 13-time winner of U.S. Treasury Bank Enterprise Award
• +1 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• Habitat for HumanityminorStrategic or Co-development Partner · 16 July 2025Partnership with Habitat for Humanity on Allium Place to bring affordable housing to Montgomery County. Demonstrates commitment to community development and housing access.
• J.P. Morgan Investment ManagementcoreGTM or Marketing PartnerEmpower Shares program - institutional investors can invest in Money Market Funds (Prime, US Government, US Treasury, 100% US Treasury) through J.P. Morgan. Harbor Bank receives compensation under Referral and Services Agreement. Generates positive measurable social impact.
• Okoro DevelopmentminorStrategic or Co-development PartnerPartnership on The Madison 801 restaurant development in East Baltimore. Harbor Bank CDC's Emerging Developers Program helped purchase and redevelop row homes. Black collaboration from development to financing and construction.
• Morgan State UniversityminorStrategic or Co-development PartnerPartnership at Northwood Commons - includes Morgan State University's bookstore and public safety facility as part of the 100,000 square foot redeveloped shopping center.

Scale indicators11 records

Recent moves18 records

Expansion highlights4 records

Direct peers

• OneUnited Bank: Largest Black-owned bank in the U.S. and a CDFI/MDI-certified community bank serving urban and minority communities. Directly comparable as a Black-owned MDI offering personal, business, and mortgage products with community-development mission.
• Broadway Federal Bank: Black-owned, FDIC-designated Minority Depository Institution serving the Los Angeles area. Comparable as a Black-led community bank focused on consumer deposits, mortgages, and community lending.
• Carver Federal Savings Bank: Black-owned, CDFI-designated community savings bank headquartered in Harlem, NY. Closely comparable to Harbor Bank as a Minority Depository Institution focused on deposit, lending, and community economic development.
• City First Bank of DC (fka City First Enterprises): CDFI-certified and Black-led community bank in Washington, D.C. Comparable on CDFI/MDI mission, community development lending, and small-business focus in an urban Mid-Atlantic market adjacent to Baltimore.
• Industrial Bank (Washington, DC): Black-owned community bank in Washington, D.C., serving similar Mid-Atlantic urban and minority communities. Direct MDI peer with overlapping personal, business, and mortgage offerings.
• Liberty Bank (CT): Black-owned, CDFI-certified community bank serving Connecticut and the Northeast with personal and business banking. Direct MDI/CDFI peer with similar community-development franchise and product mix.

Broad incumbents

• Woodforest National Bank: Large community bank with retail and business banking across multiple states. Broad incumbent peer with similar product suite (deposits, consumer loans, business banking) at meaningfully larger scale.

Regional players

• Sandy Spring Bank (now part of Atlantic Union): Maryland-headquartered community bank with strong Montgomery County presence; directly comparable for Harford's new Silver Spring market entry and overlapping Baltimore-Washington customer base.
• Eagle Bancorp / EagleBank: Bethesda, MD-based community bank serving the Washington, D.C. metro area including Montgomery County — the same Silver Spring corridor Harbor Bank recently entered. Comparable as a Maryland/D.C. community bank with business and consumer banking.
• Atlantic Union Bank (formerly Union Bankshares): Mid-Atlantic regional bank with significant Maryland presence offering consumer, business, and commercial lending products. Regional peer operating in overlapping Maryland geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/theharborbankofmd
• LinkedInlinkedin.com/company/the-harbor-bank-of-maryland
• Instagraminstagram.com/theharborbankofmd

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Harbor Bank of Maryland