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Maryland Manual, 1987-88
Volume 183, Page 277   View pdf image (33K)
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Joseph Griggs, Jr., 1987; Kathryn H. Gerling,
1988; Dorothy V. Rutkowski, 1988; Deborah K.
Hines, 1989; John A. Nicodemus, 1989; William
L. Hermann, 1990; Kevin G. Quinn, 1990; one

The Brokerage, Suite 800
34 Market Place
Baltimore 21202 Telephone: 333-6330
Toll Free: 1-80(M92-7521

The Board was originally created in 1961 as the
Board of Building, Savings and Loan Association
Commissioners (Chapter 205, Acts of 1961). In
1980, it received its present name (Chapter 856,
Acts of 1980). The Board became advisory in
1986 (Chapter 282, Acts of 1986).

The Board advises the Director of the Division
of Savings and Loan Associations. The Board pro-
vides the Director with impartial advice on 1) the
approval or disapproval of applications by an as-
sociation; 2) ways to protect the interests of the
general public and of depositors and stockholders
in associations; and 3) proposed laws, regulations,
or other matters concerning the business of sav-
ings and loan associations in Maryland.

The Board consists of nine members. They are
appointed for four-year terms by the Governor
with the advice of the Secretary of Licensing and
Regulation and with the advice and consent of the
Senate. Three are industry members who, for at
least five years immediately before appointment,
have been officers or directors of, or attorneys for
State chartered savings and loan associations in-
sured by the Maryland Deposit Insurance Fund
Corporation. Six are public members who have
not served as officers or directors of, or attorneys
for a savings and loan association or related entity
during the three years immediately before ap-
pointment. Public members may not be members
of the immediate family of any director or officer
or any attorney for a savings and loan association
or related entity. Each member must have been a
resident and registered voter of the state immedi-
ately before appointment.

Authorization for the Board continues until Ju-
ly 1, 1992 (Code Financial Institutions Article,
sees. 8-101 through 10-117).

Licensing and Regulation/'277


Board of Directors

Chairperson: Vacancy

Appointed by Governor: Rebecca M. Bednarik; E.
Leister Mobley, Jr.; Stanley Sollins; G. Thomas
Yeager III; four vacancies. Terms expire 1989.

Elected by Member Associations: three vacancies.
Lloyd W. Jones, Fund Director

Patrick M. McCracken, Deputy

Nancy B. Nyman, Deputy Director - Liquidation

The Brokerage, Suite 801
34 Market Place
Baltimore 21202 Telephone: 727-7810

The State of Maryland Deposit Insurance Fund
Corporation was created in May 1985 (Chapter 6,
Acts of First Special Session of 1985). The Corpo-
ration insures savings and loan associations and
provides insurance and funds for liquidity to
member thrifts. The Corporation restricts the
membership of savings and loan associations in
the Fund to certain time frames and conditions.
The Corporation also acts as conservator or re-
ceiver for thrifts found to be insolvent and super-
vises the liquidation process of thrifts placed into
receivership (Code Financial Institutions Article,
sees. 10-101 through 10-121).

Established as a temporary insuring agency, the
Corporation is concerned with saving and loan as-
sociations. Those associations previously insured
by the privately-run Maryland Savings-Share In-
surance Corporation were given a three-tier dead-
line, based on assets, in which to either secure fed-
eral insurance coverage or merge with another
federally-insured financial institution.

The Corporation is administered by the Fund
Director with assistance from the Board of Direc-
tors, serving in an advisory role. Appointed by the
Governor, the Fund Director serves at the plea-
sure of the Secretary of Licensing and Regulation.
The Board of Directors consists of eleven mem-
bers. Eight are appointed by the Governor. Three
are elected by the member associations subject to
the approval of the Secretary of Licensing and


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Maryland Manual, 1987-88
Volume 183, Page 277   View pdf image (33K)
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