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                                  EXHIBIT 99
                                 RISK FACTORS

     REGULATORY RISKS. The banking industry is subject to many laws and
regulations. Regulations protect depositors, not stockholders. The Maryland
Division of Financial Regulation, the Federal Deposit Insurance Corporation,
and the Board of Governors of the Federal Reserve System regulate the Company
and the Bank. Regulations and laws increase the Company's operating expenses,
affect the Company's earnings, and put the Company at a disadvantage with
less regulated competitors, such as finance companies, mortgage banking
companies, and leasing companies.

     EXPOSURE TO LOCAL ECONOMIC CONDITIONS. Most of the loans made by the
Bank are made to Maryland borrowers. A decline in local economic conditions
would affect the Company's earnings.

     CREDIT RISKS AND INADEQUACY OF LOAN LOSS ALLOWANCE. When borrowers
default and do not repay the loans made to them by the Bank, the Company
loses money. Experience shows that some borrowers either will not pay on time
or will not pay at all. In these cases, the Bank will cancel, or "write off",
the defaulted loan or loans. The Company anticipates losses by reserving what
it believes to be an adequate cushion so that it does not have to take a
large loss at any one time. However, actual loan losses cannot be predicted,
and the Company's loan loss reserve may not be sufficient.

     INTEREST RATE RISK. The Company's earnings depend greatly on its net
interest income, the difference between the interest earned on loans and
investments and the interest paid on deposits. If the interest rate paid on
deposits is high and the interest rate earned on loans and investments is
low, net interest income is small and the Company earns less. Because
interest rates are established by competition, the Company cannot completely
control its net interest income.

     RISKS ASSOCIATED WITH REAL ESTATE LENDING. The Bank makes many real
estate secured loans. Real estate loans are in demand when interest rates are
low and economics are good. Even when economic conditions are good and
interest rates are low, these conditions may not continue. The Company may
lose money if the borrower does not pay a real estate loan. If real estate
values decrease, then the Company may lose more money when the borrowers
default.

     NO ASSURANCE OF GROWTH. The Company's ability to increase assets and
earnings depends upon many factors, including competition for deposits and
loans, the Company's branch and office locations, avoidance of credit losses,
and hiring and training of personnel. Many of these factors are beyond the
Company's control.

     COMPETITION. Other banks and non-banks, including savings and loan
associations, credit unions, insurance companies, leasing companies, small
loan companies, finance companies, and mortgage companies, compete with the
Company. Some of the Company's competitors offer services and products that
the Company does not offer. Larger banks and non-bank lenders can make larger
loans and service larger customers. Law changes now permit interstate banks,
which may increase competition. Increased competition may decrease the
Company's earnings.

     NO ASSURANCE OF CASH OR STOCK DIVIDENDS. Whether dividends may be paid
to stockholders depends on the Company's earnings, its capital needs, law and
regulations, and other factors. The Company's payment of dividends in the
past does not mean that the Company will be able to pay dividends in the
future.

     STOCK NOT ISSUED. Investments in the shares of the Company's common
stock are not deposits that are insured against loss by the government.

     RISK INVOLVED IN ACQUISITION. Part of the Company's growth may come from
buying other banks and companies. A newly purchased bank or company may not
be profitable after the Company buys


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it and may lose money, particularly at first. The new bank or Company may
bring with it unexpected liabilities or bad loans, bad employee relations, or
the new bank or company may lose customers.

     RISK OF CLAIMS. Customers may sue the Company for losses due to the
Company's alleged breach of fiduciary duties, errors and omissions of
employees, officers and agents, incomplete documentation, the Company's
failure to comply with application laws and regulations, or many other
reasons. Also, employees of the Company conduct all of the Company's
business. The employees may not be aware of any violations until after their
occurrence. This lack of knowledge will not insulate the Company from
liability. Claims and legal actions may result in legal expenses and
liabilities that may reduce the Company's profitability and hurt its
financial condition.

     DEVELOPMENTS IN TECHNOLOGY. Financial services use technology, including
telecommunication, data processing, computers, automation, internet-based
banking, debit cards, and "smart" cards. Technology changes rapidly. The
Company's ability to compete successfully with other banks and non-banks may
depend on whether it can exploit technological changes. The Company may not
be able to exploit technological changes and expensive new technology may not
make the Company more profitable.

     ANTI-TAKEOVER EFFECTS OF CERTAIN CHARTER AND BYLAW PROVISIONS. The
Company's Articles of Incorporation and Bylaws divide the Company's Board of
Directors into three classes and each class serves for a staggered three-year
term. No director may be removed except for cause and then only by a vote of
at least two-thirds of the total eligible stockholder votes. In addition,
Maryland law contains anti-takeover provisions that apply to the Company.
These provisions may discourage or make it more difficult for another company
to buy the Company or may reduce the market price of the Company's common
stock.