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BALTIMORE BANCORP TELLS STOCKHOLDERSOF PLANS TO BE 'WELL CAPITALIZED' BY SEPT. 30

 BALTIMORE, May 19 /PRNewswire/ -- At its annual meeting today, Baltimore Bancorp (NYSE: BBB) announced that, with continued success in raising capital, and with further profitability from core banking operations, its wholly owned subsidiary, The Bank of Baltimore, will be "well capitalized" by Sept. 30, 1993.
 That would require the bank to reach its June 30, 1994, regulatory leverage capital ratio target of 6.50 percent, which was 6.26 percent at April 30, 1993, and to achieve a total risk-based capital ratio of 10.00 percent, which was 9.38 percent at April 30.
 Edwin F. Hale Sr., chairman and chief executive officer, said, "Our highest priorities are to perpetuate current earnings and to raise the additional capital that will give us more flexibility to address problem assets and improve future earnings. If we can reach our near-term goals for earnings, capital ratios and nonperforming assets, we will ask the regulators to terminate the Cease and Desist Order, which could put us in position to declare a cash dividend once again."
 Hale added, "Since December 31, 1991, we have delivered five consecutive quarters of profits, have raised over $16 million in new equity capital, mostly through our Dividend Reinvestment and Stock Purchase Plan, have reduced nonperforming assets by 18 percent, currently totaling $195 million, which is $12 million lower than March 31, 1993, and as of year-end 1992, have raised the bank's capital ratios to levels exceeding regulatory requirements for an `adequately capitalized' bank."
 The company also announced that it is presently awaiting clearance from the SEC on a 2 million share registration of a new Dividend Reinvestment and Stock Purchase Plan. The new Plan continues to offer a 5 percent discount from an average market price, and makes it easier for stockholders who own their shares through a broker, bank or other nominee to participate in the Plan. The previous Plan, also for 2 million shares, sold out in April and raised $14.8 million in new equity capital.
 A substantial majority of stockholders voted in favor of all six nominee directors and the 1992 Stock Option Plan. Elected to three-year terms were Joseph A. Cicero, chief financial officer of the company; Bruce H. Hoffman, executive director of the Maryland Stadium Authority; James P. O'Conor, chairman of the board and chief executive officer of O'Conor, Piper & Flynn, realtors; and Dennis F. Rasmussen, consultant on public policy, public relations and government affairs. Elected for two-year terms were Melvin S. Kabik, retired supermarket executive; and Alan M. Leberknight, president of the company and president and chief executive officer of the bank.
 Baltimore Bancorp is a $2.4 billion Baltimore-based community bank holding company. Its principal subsidiary, The Bank of Baltimore, founded in 1818, operates 47 branches within the Baltimore/Annapolis/Washington market.
 -0- 5/19/93
 /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:

MP -- PH018 -- 0238 05/19/93 11:14 EDT
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Date:May 19, 1993
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