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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.