Short Takes: First Maryland Promoting Its Equity Funds

First Maryland Bancorp. of Baltimore has launched a marketing program touting the equity funds in its $6 billion Ark Fund group as a retirement savings vehicle.

On May 10, First Maryland began running ads in local papers such as the Baltimore Sun and The Washington Post and distributed marketing literature and posters targeting customers 35 years and up in bank branches, said Michele L. Dalton, a senior vice president with FMB Trust Co. The bank has nine equity portfolios, including one balanced fund, representing $1.3 billion of assets, Ms. Dalton said.

The bank also plans to offer a mutual fund primer with basic tips for retail investors, Ms. Dalton said.

The guide will be introduced in the form of a "wrapper" on the company's first plain-English fund prospectuses, due out in September, she said.

First Maryland will be issuing new prospectuses for its Ark Tax-Free Maryland Fund and the Ark Tax-Free Pennsylvania Fund to reflect new B class shares, she said. Both portfolios already have class A and institutional class shares. The Securities and Exchange Commission requires fund prospectuses issued after Jan. 1 to be written in understandable English.

First Maryland Bancorp will change its name to Allfirst on June 28, reflecting its ownership by Allied Irish Bank of Dublin.