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Plans for county bank scrapped

June 08, 1999|By JULIE E. GREENE

Plans for the first new bank in Washington County in about 20 years have been scrapped, according to the president of the once-proposed bank.

"The bank is dead. It's not going to happen," John Mazzocchi said Tuesday. "The seed money had to be put in by Jan. 21 and no one put their money in, not even the investors who asked me to (start the bank)."

Mazzocchi had hoped to start the bank by July 31.

Last December he said he had 55 people interested in investing a total of $4.5 million in the bank. He wanted a minimum of $5 million to start the bank, which would have served Washington County.

The bank would have focused on serving small businesses.

Mazzocchi's job history includes working for Maryland Permanent Bank in Owings Mills, Md., and at Hagerstown Trust, where he said he was once head of the commercial lending group.

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Mazzocchi said he won't try to start a bank again unless those who ask him already have the required money in escrow.

Several people in the community talked down the project, Mazzocchi said. For reasons unknown to him they didn't want the bank to start, he said.

"They had more influence than the people that wanted it to happen," he said.

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