Editing MBNA (section)

==History==

The former '''Maryland National Bank''', once the largest banking chain in Maryland, originated as the Baltimore Trust Company in the early 1900s. It later was challenged by the expenses and problems from the building of its landmark red brick, masonry, and limestone [[art deco]]-style skyscraper in downtown [[Baltimore]] at 10 Light Street between East Redwood (known as German Street before [[World War I]]) and East Baltimore Streets. Construction began on the new BTC Building in 1924. Upon completion in 1929, it became the tallest building in Baltimore (and Maryland), surpassing the neighboring Citizens National Bank to the south. It opened just before the avalanche of economic disaster and unemployment following the [[Wall Street crash of 1929]]. After a series of reorganizations during the "[[New Deal]]" administration of 32nd President [[Franklin D. Roosevelt]] (and his [[Emergency Banking Act|bank holiday]] shortly after taking office in March 1933), the bank was reorganized as the Maryland National Bank.

Maryland National's parent, [[bank holding company]] MNC Financial, began offering credit cards in the 1960s.<ref name=":1">{{Cite web|url=https://www.baltimoresun.com/news/bs-xpm-2005-07-01-0507010096-story.html|title=Bank of America to buy MBNA|last1=Smitherman|first1=Laura|last2=Adams|first2=Paul|website=The Baltimore Sun|date=July 2005 |language=en-US|access-date=2019-10-03}}</ref>

In the early 1980s, Maryland banks lobbied the [[Maryland General Assembly]] for legislation to permit higher interest rates on credit-card charges, but lawmakers refused.<ref name=":1" /><ref name=":2">{{Cite news|url=https://www.nytimes.com/2004/03/07/business/expired-credit-king-was-cut-off-founder-mbna-meets-anxious-board-loses.html|title=Expired: How a Credit King Was Cut Off; Co-Founder of MBNA Meets an Anxious Board, And Loses|last1=Bergman|first1=Lowell|date=2004-03-07|work=The New York Times|access-date=2019-10-03|last2=McGeehan|first2=Patrick|language=en-US|issn=0362-4331}}</ref> The neighboring state of Delaware, by contrast, had removed interest-rate restrictions in 1981. When Maryland failed to do the same, MNC Financial moved its credit-card business across the state line. MBNA was founded in 1982 as Maryland Bank, [[National bank (United States)|N.A.]]<ref name=":1" /><ref name=":2" /><ref name=":0">{{cite news|url=http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20060101/NEWS/601010334/1006/rss |title=MBNA gone, but what about jobs? New owner 'ready to pull the trigger' |author=Ted Griffith |publisher=The News Journal (Wilmington, Delaware) |date=January 1, 2006 |url-status=dead |archive-url=https://web.archive.org/web/20070510154242/http://www.delawareonline.com/apps/pbcs.dll/article?AID=%2F20060101%2FNEWS%2F601010334%2F1006%2Frss |archive-date=May 10, 2007 }}</ref>

Led by [[Charles Cawley]], MBNA opened its first office in a converted [[The Great Atlantic & Pacific Tea Company|A&P (Great Atlantic & Pacific Tea Company)]] food supermarket in [[Ogletown, Delaware]].<ref>{{cite news
|url=https://money.cnn.com/magazines/fortune/fortune_archive/2002/05/13/322906/index.htm
|title=Who's The King of Delaware? |author=Nicholas Varchaver |magazine=Fortune
|date=May 13, 2002}}</ref> An early driver of MBNA's growth was the creation of "affinity cards" in 1983. Cawley convinced the [[alumni association]] at his [[alma mater]], [[Georgetown University]], to allow MBNA to issue credit cards [[brand]]ed with the university's name.<ref name=":2" /> This proved to be a successful business, and other affinity affiliations with universities, organizations, and sports teams followed; by 2004, MBNA had more than 5,400 partnerships, making up about 85% of the affinity-card market.<ref name=":2" />

In 1989, Maryland Bank was renamed MBNA America Bank. In 1991, MBNA Corp. [[Corporate spin-off|spun off]] from Maryland National and became an independent company. Businessman [[Al Lerner]], a major investor and chairman of Maryland National since 1989, was the new MBNA's largest stockholder and chairman.<ref name=":0" /> Lerner became a multi-billionaire and purchased the [[Cleveland Browns]] franchise of the [[National Football League]] in 1998. He served as chairman of MBNA until his death in 2002.<ref name=":2" />

Maryland National was acquired by [[NationsBank]] in 1993.

As MBNA grew, it became one of the most profitable companies in the United States, the world's largest independent credit card issuer, and the largest private-sector employer in Delaware.<ref name=":2" />

In 1995, MBNA moved its headquarters from a suburban location to [[Rodney Square]] in downtown [[Wilmington, Delaware]].  This investment was credited with helping to revive Wilmington's downtown real estate market. In 2003, MBNA partnered with Bluefish entrepreneur [[Steve Sims (entrepreneur)|Steve Sims]] to launch its own credit card.<ref>{{cite news|url=https://www.businesswire.com/news/home/20060829005451/en/Icon-International-Holdings-Announces-Bluefish-Official-Concierge|title=Icon International Holdings, Inc. Announces The Bluefish as Official Concierge Partner; Bluefish Founder, Steve Sims Joins Board of Directors|date=2006-08-29|website=Business Wire|publisher=Business Wire, Inc.|access-date=2018-03-20}}</ref>

Historically, many MBNA executives were former employees of the [[FBI]].<ref>Havill, Adrian. "Epilogue." ''Robert Philip Hanssen: The Spy who Stayed out in the Cold''. [[Crime Library]]. Retrieved on June 10, 2014. p. [http://www.crimelibrary.com/terrorists_spies/spies/hanssen/15.html 15] {{webarchive|url=https://web.archive.org/web/20140227193701/http://www.crimelibrary.com/terrorists_spies/spies/hanssen/15.html |date=2014-02-27 }}. "Following Mueller's appointment, the disgraced Louis Freeh joined a Delaware credit card company, MBNA. Many of the firm's executives are former FBI employees."</ref>