Mercantile Bankshares Corp. / MRBK

About Mercantile Bankshares Corp.

2 Hopkins Plaza, Baltimore, Md. 21201
www.mercantile.com | 410-237-5900 | Founded: 1969

Industry: Banking | Category: Top Financial Companies

Like all banks in the Washington region's highly competitive banking arena, Mercantile faces a tough market. With banks vying for much-sought-after consumer deposits in the Baltimore-to-Richmond corridor, advertising and other expenses are rising even as consumers demand more services, such as longer hours and fewer fees. Still, the company did well, mostly because of its May 2005 acquisition of Community Bank of Northern Virginia (CBNV), giving it a presence in the lucrative Virginia suburban market by adding 13 offices there.
Profit for 2005 was $276.3 million, an increase of more than 20 percent from 2004's earnings of $229.4 million. Deposits increased to $12.1 billion by the end of 2005, up from $10.8 billion a year earlier. About half the growth in deposits came from CBNV.
Loans increased to $11.5 billion, up from $10.1 billion at the end of 2004. Most of the gain came from increases in consumer and commercial real estate lending, and again about half came from the acquisition of CBNV.
The banking company continued to grow and streamline its other financial services. It expanded its investment management business into Virginia by opening an office in Tysons Corner and one in Middleburg and in April of this year expanded its office in Frederick, Md. It also consolidated several business units to create Mercantile Brokerage Services Inc., which houses the securities and brokerage services it offers throughout its subsidiaries.

President and CEO: Edward J. Kelly III

President and CEO: Edward J. Kelly III

2007 Financial Data

Total employees: 3,606 | Local employees: 980