By Bob Zimberoff
Delmarva Bancshares Inc. announced today, Oct. 31, that the National Bank of Cambridge has converted from a federal to a state charter and has been renamed 1880 Bank.
It will remain the only locally operated, independent bank headquartered in Dorchester County, according to a news release from 1880 Bank.
The 1880 Bank name is inspired by the institution’s founding year and its 134 years of service in Dorchester County. As a state-chartered community bank, it could no longer have the word “National” in its name.
“Our new name reflects our local Dorchester roots but also gives us the flexibility to grow and expand elsewhere on the Shore,” Kim C. Liddell, chairman, president and CEO of Delmarva Bancshares Inc. and 1880 Bank, said in the release. “In the past four years, we have grown deeper relationships with businesses and individuals in Caroline, Cecil, Kent, Queen Anne’s, Talbot and Wicomico counties, and we believe there is an opportunity for further growth throughout the Delmarva Peninsula.”
Under state charter, 1880 Bank’s new primary regulator will be the Maryland Commissioner of Financial Regulation. Previously the federal Office of Comptroller of Currency regulated the bank, according to the release.
“We believe 1880 Bank is better served with a local regulator that knows the economic conditions in Maryland and is accustomed to regulating community banks,” Liddell said in the release. “The state charter will help us reduce costs and operate more effectively to serve our customers.”