Harbor Bank of Maryland, the only Black-owned bank in the state, celebrates 40 years in business

Last month, the Harbor Bank of Maryland (Harbor Bank) celebrated its 40th anniversary. Since 1982, the commercial bank has been serving Maryland, D.C. and Northern Virginia, offering checking and savings accounts; time deposits; credit and debit cards; and commercial real estate, personal, home improvement and other installment loans.

One of 42 Black-owned financial institutions in the country and the only Black-owned bank in Maryland, Harbor Bank was formed to provide financial services to underserved communities, who have historically been kept out of the traditional banking system.

“The Harbor Bank of Maryland was founded over 40 years ago with a mission to meet the needs of small- and minority-owned businesses in the Baltimore-Metropolitan area where a lack of access to capital and banking services existed,” said Joseph Haskins, CEO, co-founder and chairman of Harbor Bank. “The formation of Harbor helped to address these needs; however, many of these adversities still exist today.”

While there has been a recent call to action for diversity and inclusion in the workplace, Harbor Bank employed women and minorities since its inception and also had them participate on their board of directors.