It was 1916, the First World War raged in Europe, mailing a letter cost two cents and the big storm that created the Ocean City Inlet was still 17 years in the future. During this time a significant event took place that would help shape the future of our little town. A bank was created to serve the needs of the residents and was appropriately named, Bank of Ocean City.
Since originally opening at the corner of Dorchester Street and Baltimore Ave we have expanded to serve our growing community. We opened our second branch at 5900 Coastal Highway in 1972. Our third branch, which is now our main office, was opened in West Ocean City in 1976. To serve our north end community we opened a branch at 12109 Coastal Highway in 1990. In order to service the growing community of Ocean Pines we opened our fifth location at 11001 Nicholas Lane in 1997. And in 2007 we opened the doors to our sixth branch located at 627 William Street in Berlin. Most recently, in late 2016, our 12109 Coastal Highway office was relocated to 904 Coastal Highway in Fenwick Island, DE.
Little did those who were a part of the bank in those early days realize the impact their roles would have on the future years and growth of our little town. Our founders and their families set a high precedent for growth and leadership in the community in which we live. We continue with those ideals today.
First Shore Federal was founded in 1953 by a group of prominent local businessmen. Its purpose was to provide a source of funds for home mortgages in the Salisbury area while offering a good dividend and federal deposit insurance for local savings customers. The association ended its first partial year of operation with assets of $174,420.90.
With eight offices across the Lower Eastern Shore, First Shore Federal continues to provide consumer and commercial banking services to the people of Delmarva’s Lower Shore. The association opened its present headquarters at 106 South Division Street, Salisbury in 1964. Additional branch locations opened at Civic Avenue, Salisbury, in 1974, Pocomoke City, in 1977, Snow Hill and Berlin in 1987, Ocean Pines in 1996 and its first Delaware branch opened in 2003 in Ocean View. The Berlin branch moved to 310 Franklin Avenue in 2006. A new branch in Millsboro, DE opened in April 2015.
As of December 31, 2017, First Shore Federal had assets of $294,267,710, loans of $243,800,207, federally insured savings deposits of $241,251,826 and a strong capital position of $44,730,044 or 15.20% of assets, more than twice the level required by federal regulations.
First Shore Federal received a rating of “outstanding”, the highest rating available from the Office of the Controller of the Currency, in its most recent Community Reinvestment Act (CRA) examination. “The bank’s community development activities, as a whole, demonstrate excellent responsiveness to the community development needs of its assessment area…” according to the report.
The association is active in numerous community programs and enhanced its reputation as a leading corporate citizen as it received the first-ever Maryland Business Philanthropy Award from the Maryland Chamber of Commerce. First Shore Federal was one of three businesses to receive this impressive award in November 2000. The association was recognized as Small Business of the Year by the Salisbury Area Chamber of Commerce in 1999 and the Fruitland Chamber of Commerce in 2007.
In 2010, the association received a community service award from the Community Foundation of the Eastern Shore in appreciation for the association’s support of community activities for many years. The association received the “Spirit of the Shore” award as the outstanding corporate supporter of the United Way in 2011.
In 2017, First Shore Federal received the 2017 NAACP Community Service Award, the first such award to be presented to a business.
For more than 160 years, we have been committed to providing our clients with great service and powerful financial expertise to help them meet their financial goals. We are proud of our longstanding history of supporting not only our customers but also our communities, employees and shareholders.
We, the employees, officers, and directors of The Bank of Delmarva commit ourselves to create the leading community bank serving the financial needs of the Lower Delmarva Peninsula. We strive to be innovative, exemplify integrity and professionalism, and provide superior customer service.
Ocean City, MD