February 23, 2018 7:15 AM ET

Banks

Company Overview of Madison Bank of Maryland

Company Overview

Madison Bank of Maryland offers personal and commercial banking services. It offers checking accounts, such as NOW checking accounts, eStatements, MasterMoney debit cards, and MasterCard SecureCode products; savings, which include statement savings, money market statement savings, certificate of deposit, and online ultra savings; Roth and traditional IRAs; and loans to purchase or refinance home, home equity loans, construction permanent/rehab loans, and lot loans. The company also provides residential purchase/refinance, residential home equity installment loans, residential construction permanent loans/rehab loans, and residential lot loans; and direct deposit, automatic payments, preautho...

1920 Rock Spring Road

Forest Hill, MD 21050

United States

Founded in 2014

Phone:

410-420-9600

Fax:

410-420-3322

Key Executives for Madison Bank of Maryland

Madison Bank of Maryland does not have any Key Executives recorded.

Madison Bank of Maryland Key Developments

MB Bancorp, Inc. and Madison Bank of Maryland Announce Directorate Changes

On June 27, 2017, MB Bancorp, Inc. (company) announced that William D. Schmidt, Sr. notified the Board that he is retiring from his position as a director of the Company and its subsidiary, Madison Bank of Maryland (Bank), effective June 27, 2017. Mr. Schmidt's retirement was not related to a disagreement with the Company or the Bank on any matter relating to the Company's or the Bank's operations, policies or practices. The Bank Board of Directors appointed Mr. Schmidt as a Director Emeritus effective upon his retirement.

Mb Bancorp, Inc. and Madison Bank of Maryland Announce Board Appointments

On December 23, 2016, MB Bancorp, Inc. announced that the boards of directors of the company and Madison Bank of Maryland had appointed Nicole N. Glaeser and Louis J. Vigliotti to the boards of directors of the company and the Bank effective December 20, 2016. Committee assignments for Ms. Glaeser and Mr. Vigliotti had not been determined as of the filing of the Initial Form 8-K. On January 24, 2017, the boards of directors of the company and the Bank appointed Ms. Glaeser to serve as chairman of the audit committee and to serve on the directors' loan committee. The boards also appointed Mr. Vigliotti to serve on the nominating/corporate governance committee, the directors' loan committee and the ALCO/Budget/Strategic Planning Committee.

Madison Bank of Maryland Reduces Workforce by Seven Employees

Madison Bank of Maryland implemented an expense management reduction program pursuant to which the Bank reduced its workforce by seven employees effective December 31, 2016. This reduction in workforce follows the separation of employment of two additional employees during the quarter ended December 31, 2016. The nine employees whose positions were eliminated received severance packages, for which the Company expects to record aggregate severance expenses of approximately $91,000, pre-tax, during the quarter ended December 31, 2016.

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