Maryland business bank is in bankruptcy and is selling its shares
Business Center in Montgomery, Maryland, is shutting down.
The bank has been operating in a state of limbo since September 2014, when the Maryland State Treasurer appointed former Maryland Gov.
Martin O’Malley to run the bank.
The decision to sell the bank came in November 2015, when Maryland was in the midst of a legislative process to pass a bill to give new ownership to the state’s largest private bank.
O’Brien’s administration and the Maryland Attorney General’s office have both denied the allegations of fraud and the bank has remained open.
The company says it will continue to operate, but is no longer accepting deposits.
The Maryland Business Center says it’s notifying customers about the closure.
“We are working to find a new bank, as the new ownership of the business center is currently being assessed and evaluated by the bank,” the bank said in a statement.
The new owners of the Maryland Business Centre say they will continue operating as long as the state allows them to do so.