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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 14850 / March 20, 1996 

SEC v. MICHAEL P. ANGELOS and G. GREGORY RUSSELL, Civil Action
No. B96-834 (D. Md. March 21, 1996)

     The Securities and Exchange Commission today filed an
insider trading action against two former officers of the
Maryland Port Administration based upon improper tipping and
trading in the securities of Baltimore Bancorp shortly before a
January 13, 1994 announcement that Baltimore Bancorp was
discussing a possible business combination with several financial
institutions.  Defendant Michael P. Angelos has consented to
settle the action by agreeing to the entry of a permanent
injunction and paying a total of $61,762.83 in disgorgement and
penalties.  Defendant G. Gregory Russell has not settled the
action.

     The Complaint alleges that G. Gregory Russell, who was a
member of the Bank's Board of Directors and also the Director of
Finance at the Maryland Port Administration, obtained material
nonpublic information about the Bank's confidential solicitation
of bids.  The Complaint alleges that Russell tipped his boss,
Michael P. Angelos, who was the Deputy Director of the Maryland
Port Administration.  Following Russell's tip, according to the
Complaint, Angelos purchased a total of 8,600 shares of the
common stock of Baltimore Bancorp on two separate occasions
before the January 13, 1994 announcement.  The Complaint alleges
that Angelos realized profits totalling $36,650 from his illegal
trading in Baltimore Bancorp securities.

     The Commission's suit, filed in the United States District
Court for the District of Maryland, Northern Division, alleges
that the defendants violated Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder.  Simultaneously
with the commencement of the action, defendant Michael P. Angelos
consented, without admitting or denying the allegations of the
Complaint, to the entry of a final judgment permanently enjoining
him from violating Section 10(b) and Rule 10b-5.  Angelos agreed
to pay $61,762.83, representing disgorgement of $36,650,
prejudgment interest of $6,787.83 and a civil penalty of $18,325.

     The staff of the Commission acknowledges the assistance of
the New York Stock Exchange in this matter.