# Financial Institutions (GFI)

## Title 4. Banking Institutions -- Savings Banks

### Subtitle 2. Formation and Powers

#### Section 4-206

(a) Except as otherwise provided in this article, a savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.

(b) In addition to the powers set forth elsewhere in this article, a savings bank may:

  (1) Receive deposits of money from:

    (i) Any person;

    (ii) The federal government or its agencies; and

    (iii) Any state or its political subdivisions;

  (2) Pledge collateral to secure the deposits of:

    (i) The federal government or its agencies; or

    (ii) Any state or its political subdivisions;

  (3) On good security:

    (i) Invest deposits; and

    (ii) Make loans from deposits;

  (4) Subject to Sec. 4-603 of this title:

    (i) Borrow money; and

    (ii) Pledge its assets to secure the debt;

  (5) Rent its vaults or safe-deposit boxes and, in accordance with the rental agreement, permit deposits of property;

  (6) Subject to Sec. 5-503 of this article, buy, hold, and convey real property;

  (7) Subject to Sec. 4-604 of this title, act as trustee under:

    (i) The federal Self-Employed Individuals Tax Retirement Act of 1962; or

    (ii) The federal Employee Retirement Income Security Act of 1974;

  (8) With the prior approval of the Commissioner, exercise the powers granted under Sec. 3-207 of this article to a trust company; and

  (9) Exercise all of the powers usual in carrying on a business of savings banking.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)