Metropolitan Federal Savings and Loan Association of Bethesda, a large suburdan institution that was converted last September from a mutual S&L to a stock corporation, as reported a 52 per cent increase in profits during 1976.
Earnings totaled $926,553 compared with $610,053 in 1975, according to president Jessie Hilderbrand. For the first three months of operations at a stock firm, Metropolitan earned 76 cents a share.
Assets of the S&L totaled $176 million and savings deposits were $155 million on Dec. 31. An initial quarterly cash dividend of 12 1/2 cents a share was paid Jan. 10.
With 11 offices in Montgomery, Frederick, Howard and Anne Arundel counties, Metropolitan Federal is the largest local federally-chartered S&L to convert to a stock firm. About 1,700 depositors, borrowers, directors, officers and employees purchased 400,000 shares at $10 apiece last fall.
Maryland Realty Trust, a real estate investment trust, reported a net loss for the year ended Nov. 30 of $285,965 compared with a loss the previous year of $1.5 million. The trust said real estate investments totaled $21.2 million on Nov. 30 - of which about 37 per cent was on a non-earning basis.
Survival Technology, Inc., of Bethesda, reported its first profitable quarter since shifting its marketing strategy three years ago to development and marketing of a wide range of products. Earnings totaled $23,062 (1 cent a share) on revenues of $1.9 million in the quarter ended Jan. 31 compared with a loss of $196,000 on sales of $1.65 million in the same period a year earlier.
Stanwick Corp., an Arlington management systems firm, reported profits for the nine months ended Jan. 31 of $2.04 million ($1.84 a share) compared with $1.9 million ($1.80) a year earlier. Revenues increased 12 per cent to $14.7 million from $13.2 million. The recent year's gains reflect primarily international operations, in particular maritime-related services for Iran.
Financial Security Group, Inc., part of International Bank of Washington's property and casualty insurance operations, reported 1976 profits of $4.4 million ($1.48 a share) compared with $267.692 (9 cents) the previous year. Written premiums totaled $95.9 million, a 4 per cent increase over 1975, for the group's three firms - Hawkeye Security Insurance, Northeastern Insurance of Hartford and United Security Insurance.
Criterion Insurance Co. yesterday released audited results for 1976, showing a net loss after taxes of $4 million compared with a 1975 loss of $5.3 billion. The auto insurance company had published estimated figures earlier this year.
Operations were profitable in both the third and fourth quarters of 1976, Criterion said yesterday, and prospects for 1977 are "encouraging." The company, an affiliate of Government Employees Insurance Co. that writes policies for drivers considered greater risks than those accepted by Geico, suffered a loss on underwriting insurance of $8.3 million before taxes compared with a similar 1975 loss of $14 million.