Friday, February 18, 2011

First Maryland Savings and Loan, April, 1973

Silver Spring based First Maryland Savings and Loan opened a branch in or near Bowie in April, 1973. Can you identify the location? The Bowie Blade sometimes covered stories outside of Bowie, so the branch may not have been in Bowie.

There is no doubt that some customers wish this branch never opened. Depositors rushed to withdraw funds in the spring of 1985, and state regulators closed the institution by the following November. First Maryland President Julian M. Seidel was sentenced to 12 years in prison for fraud for his role in the institution's demise. The failure of First Maryland was one of the early signs of what later became known as the savings and loan crisis.

Click each picture to see a larger image.

One theory I have is that this is located on Route 301 (Crain Highway) in the present day location of the Old Line Bank. If that is true, that would be the Fire Station 43 - Pointer Ridge/Mitchellville in the background on the left.

These pictures were posted as part of the Bowie Blade Pic Project, I've been posting pictures taken by Arnie Miles for the Bowie Blade between 1973 and 1975.

Creative Commons License
Photos of Bowie Maryland 1973 through 1975 by Arnie Miles is licensed under a Creative
Commons Attribution-Noncommercial-No Derivative Works 3.0 United States

Other Bowie Blade Pic Project Posts

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