First Maryland Bancorp, Baltimore, is setting up a new stand-alone trust subsidiary in Virginia to house its trust business from Virginia, Maryland, Delaware, Pennsylvania, and the District of Columbia.

Until now, Allied Irish Banks' $10.5 billion-asset American subsidiary ran most of the $6.3 billion under management and $40 billion under administration through the trust department of its lead bank, First National Bank of Maryland. Regulations prohibit First Maryland from holding all its trust assets there.

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