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BALTIMORE BANCORP RAISES EQUITY CAPITAL THROUGH SALES AND EXCHANGE

 BALTIMORE, Dec. 29 /PRNewswire/ -- Baltimore Bancorp (NYSE: BBB), parent company of The Bank of Baltimore, today reported that it has raised $4.7 million of equity capital in the fourth quarter of 1992.
 Optional cash deposits received from stockholders under the company's Dividend Reinvestment and Stock Purchase Plan amounted to $3.2 million for which 516,179 shares of new common stock were issued at an average price of $6.22 per share. An additional $1.5 million of equity capital resulted from the issuance of 224,352 shares of common stock in exchange for $1.5 million of the company's 10 7/8 percent Subordinated Capital Notes of Dec. 15, 1999, including accrued interest. BBB common stock closed at a price of $7.00 on Dec. 29, 1992.
 Two million shares were registered under the Dividend Reinvestment and Stock Purchase Plan in September 1992. The plan offers stockholders the opportunity to make optional cash deposits for the purchase of additional shares of common stock directly from the company at a 5 percent discount to an average market price. There are no brokerage commissions or service charges.
 The Capital Notes were exchanged at 93 percent of par value in a single transaction with an institutional investor. Baltimore Bancorp said it will contact other holders of the remaining $778 thousand of Capital Notes outstanding to explore their interest in similar exchanges.
 Joseph A. Cicero, chief financial officer, said, "We are extremely pleased that this expression of investor confidence has helped us move ahead of our original capital plan. There is still more to do, but the increase in our capital ratios since year-end 1991 is significant."
 Baltimore Bancorp is a $2.7 billion Baltimore-based bank holding company. Its principal subsidiary, The Bank of Baltimore, founded in 1818, operates 47 branches within the Washington-Baltimore Common Market.
 -0- 12/29/92
 /CONTACT: David L. Spilman, treasurer and director of investor relations of Baltimore Bancorp, 800-722-8823/
 (BBB)


CO: Baltimore Bancorp ST: Maryland IN: FIN SU:

CC -- PH011 -- 0597 12/30/92 11:51 EST
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Publication:PR Newswire
Date:Dec 30, 1992
Words:340
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