Baltimore-based Maryland National Bank, the region's largest commercial bank and a subsidiary of Maryland National Corp., will expand its international operations by opening a branch of its Edge corporation in Tysons Corner.
The new Tysons Corner office will be the only full-service international banking facility near the expanding Northern Virginia business community, according to W. Griffin Morrell Jr., senior vice president in charge of Maryland National's international division.
The branch will operate primarily as a center for developing international trade-related services business for the Northern Virginia corporate community, although business will be actively solicited in the District, a spokesman for Maryland National said.
Maryland National said it will change the name of its existing Edge corporation from Maryland National Overseas Investment Corp. to Maryland Bank International before opening the Tysons Corner branch.
An Edge corporation -- named for the New Jersey legislator whose amendment established it in 1919 -- is a bank subsidiary that handles the international financing needs of its customers. Unlike other domestic based banks, Edge corporations may establish interstate branches.
Meanwhile, Maryland Bank N.A., Maryland National Corp.'s Delaware-based national banking subsidiary, will establish a foreign branch in Grand Cayman, Grand Cayman Islands, British West Indies.
The overseas branch will enable Maryland Bank N.A. to attract offshore deposits of international corporate and financial customers. The branch may be used also as a vehicle to place offshore deposits periodically, Morrell said.