SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Litigation Release No. 15404 / July 9, 1997

     SEC v. MICHAEL P. ANGELOS and G. GREGORY RUSSELL, Civil Action No. B96
834
     (D. Md. March 20, 1996)

          The Securities and Exchange Commission today announced that on
July 7,
     1997, the Honorable Walter E. Black, Jr. Senior Judge for the United
States
     District Court, District of Maryland, entered a final judgment of
permanent
     injunction and other relief against defendant G. Gregory Russell.
Russell
     agreed to settle the action, without admitting or denying the
allegations
     of the Commission's Complaint, by consenting to a permanent
injunction
     enjoining him from violating Section 10(b) of the Securities Exchange
Act
     of 1934 and Rule 10b-5 thereunder.  In addition, the final judgment
orders
     Russell to pay a civil penalty of $36,650.

          On March 20, 1996, the Securities and Exchange Commission filed
the
     above-referenced insider trading action concerning trading in the
     securities of Baltimore Bancorp.  Simultaneous with the filing of the
     action, defendant Michael P. Angelos agreed to a settlement of the
action
     against him (see Litigation Release No. 14850).  A trial against the
     remaining defendant, Russell, was scheduled to begin on July 7, 1997.


          The Complaint alleged that Russell, who was a member of the
Bank's
     Board of Directors and also the Director of Finance at the Maryland
Port
     Administration, obtained material nonpublic information about the
Bank's