The Harbor Bank of Maryland Opens First Montgomery County Branch in Silver Spring

A new chapter in community banking is unfolding in downtown Silver Spring with the opening of Black-owned and operated, Harbor Bank of Maryland’s newest branch — its first in Montgomery County, and seventh overall.

Harbor Bank is a certified Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI), demonstrating its longstanding commitment to creating inclusive growth within local communities. With its roots in Baltimore, roughly a third of the bank’s lending activity takes place in and around Montgomery County, suburban Maryland, Northern Virginia, and Washington, D.C.

Jerry Sanford, the bank’s managing director for business & economic development, is from Takoma Park-Silver Spring. He has played a key role in making this expansion a reality. “This is the community I grew up in,” he said. “I went to elementary school just two blocks away.” Sanford noted that his local ties were one reason he was brought on board two and a half years ago to help solidify Harbor Bank’s presence in the Greater Washington region.

Before joining Harbor Bank, Sanford held roles in local government and economic development, including stints with the Montgomery County Economic Development Corporation, the Silver Spring Urban District during its revitalization phase, and the Maryland-National Capital Park and Planning Commission. He began his career with the City of Takoma Park. His ties to the area run deep.

Though Harbor Bank has operated a loan production office in Silver Spring for years, the location is now evolving into a full retail branch, offering both consumer and commercial services. Services include checking and savings accounts, money market, and CD products, as well as lending services like commercial real estate financing, lines of credit, and contract financing.

Sanford emphasized that Harbor Bank is a relationship-driven institution. “The value is in the relationships,” he said. “We’re not just here to transact—we’re here to be a partner.”

In addition to the bank itself, Harbor’s holding company and affiliated nonprofit status as certified CDFIs makes it one of the few institutions in Maryland with such a layered structure. Sanford noted that this foundation supports Harbor’s ability to do traditional banking while also engaging in more targeted community development work.

The new Silver Spring location is less than a mile from the Washington, D.C. border, just three miles from Prince George’s County, and within reach of multiple jurisdictions across the region, including Howard County and Northern Virginia. “Montgomery County is very important to our growth,” Sanford said. “But this is such an ideal location because it improves our ability to serve the entire region.”

He pointed out that the branch is a mere eight miles from the U.S. Capitol, ten miles from the Howard County line, twelve miles from the Pentagon, and fourteen miles from National Airport. “People sometimes lose track of just how centrally located Silver Spring is,” he added. “It gives us a strong landing pad to serve the whole Greater Washington market.”

That geographic reach is crucial to Harbor Bank’s mission. As a CDFI and MDI, the institution plays a specialized role in offering credit and financial services to communities that face barriers in the mainstream financial system. This includes small businesses, nonprofits, and individuals who may not fit the standard profile preferred by large commercial lenders. Harbor’s structure is unique in that not only the bank itself, but also its holding company and affiliated nonprofit are each certified CDFIs, together comprising three of only 17 in the state of Maryland.

This focus on mission-based banking is paired with active engagement in the local business ecosystem. Sanford and his team are already involved with the Maryland Black Chamber of Commerce, the Silver Spring Chamber, Bethesda Chamber, Wheaton-Kensington Chamber, and the Greater Washington Hispanic Chamber, among others. 

For Montgomery County’s small and community-rooted businesses, Harbor’s arrival brings a new, locally invested option for banking services — and a familiar face leading the charge. “It doesn’t hurt that the new branch is right up the street from home,” Sanford said.

“We’re honored to be part of this business community,” he said. “It’s active, it’s collaborative, and it reflects the kind of place where our work can really make an impact.”