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Message from Harford Bank President, Mike Allen


The recent failures of Silicon Valley Bank and Signature Bank understandably have prompted some to question the strength of their own financial institutions. We do not believe these two high profile failures reflect a system-wide problem. These were specialized banks with significant concentrations in their loan and deposit portfolios that left them vulnerable to certain market swings.

Because of regulatory changes arising from the financial crisis of 15 years ago, this country’s banking system is strong and resilient.  U.S. banks obviously are not immune from financial challenges, but more stringent capital requirements and broader accountabilities have positioned banks to face unexpected challenges more effectively.

Harford Bank is a strong, conservative community bank.  Our business is built on local relationships.  Our loan and deposit customers are largely located in the northeast Maryland region and represent diverse professions and lines of business.  We carefully monitor concentrations of business to minimize problems that might arise in any one sector of the economy.  

Most importantly, Harford Bank remains a well-capitalized bank as determined by the regulators.  This means the bank’s capital levels significantly exceed the required minimum level for each relevant capital measurement.  Capital helps protect banks from insolvency.  Our investment portfolio includes U.S. Treasurys, the safest form of investment available to us.  We hold our investments to maturity, which cushions us from the value swings caused by fluctuating interest rates.  But even if we chose to sell our entire investment portfolio at today’s valuations, Harford Bank would remain well-capitalized as defined by the regulators.

We are grateful to those of you who have entrusted us with your financial dreams for the last 59 years.  We value these relationships above all else, and we are driven to maintain that trust.  We hope you will visit or call any of our offices if you have questions or concerns.  Please also feel free to contact me directly – I can be reached at [email protected], or by telephone at 443-945-9952.  We are happy to help.

Mike Allen