By Megan Sayles
AFRO Staff Writer
msayles@afro.com
The Harbor Bank of Maryland (HBM), a Baltimore-based community bank dedicated to fostering inclusive economic growth, has opened a branch in Silver Spring, Md.
The new location is part of the financial institution’s broader effort to broaden its footprint throughout the Baltimore-Washington region.
“We’ve had a loan production office in Silver Spring for the past eight years. A little over 20 percent of our commercial lending portfolio is already within the radius of that office,” said Jerry T. Sanford, managing director for economic development at HBM. “It made sense to have a retail branch to help support our presence in the market.”
HBM’s roots date back to 1982, when a group of Black leaders— including co-founder Joseph Haskins Jr.— established the institution to serve Black residents who had long been locked out of traditional banking. Since then, it’s grown from $2.1 million in assets to $400 million.
Sanford, who maintains a background in corporate and economic development, joined HBM two and a half years ago. His role centers on advancing the growth of the company, with a special emphasis increasing the bank’s presence in Montgomery and Prince George’s Counties.
For Sanford, the new branch is an opportunity to become even more ingrained in local communities.
“I think we will become closer with the community— both with the local business community and the average community member,” said Sanford. “We’re already actively engaged with a number of the different chambers of commerce in Montgomery County, Silver Spring and Bethesda. I see our relationship growing and improving.”
HBM held a soft opening for the Silver Spring branch on July 30, with a special appearance from cultural icon and Afrofuturist pioneer, George Clinton.
During the event, Clinton showcased “Thangularity Mothership,” an original piece he designed with Overton Loyd. In Afrofuturism, the mothership often symbolizes freedom from Earthly oppression. The sculpture will be on permanent display in the branch for customers to view.
In September, HBM intends to hold a grand opening celebration in Silver Spring to mark its seventh branch.
“As we expand into the Silver Spring market with our seventh branch, this moment represents more than just brick and mortar— it’s about access, visibility and creating a financial home for a new wave of customers and communities,” said John Lewis, president and CEO of HBM in a statement. “It’s only fitting that we celebrate with a visionary like George Clinton, whose work has always pushed boundaries, uplifted voices and looked forward to a brighter future.”
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