Business

U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal to ease the industry turmoil that has sparked three bank failures in the past two months. The FDIC recommended the change Monday, rethinking the decades-old limit and seeking more flexibility to cover higher deposits on a “targeted” basis. Raising the insurance limit for business accounts that pay for company operations such as payroll would shore up accounts that pose the most risk to financial stability, the FDIC said.

A historic Annapolis building housing a 273-year-old tavern was sold to a group who says they plan to preserve and improve the structure. The Middleton Tavern building, which also includes Annapolis Glasswork and Chesapeake Properties, was purchased by Annapolis Capital Partners on April 28. The transaction is the latest for the real estate development group, which has invested in other historic buildings on Prince George Street and Church Circle in Annapolis.

Another Baltimore public market is headed for a facelift. A few months after ringing the opening bell at the rebuilt Lexington Market, the Baltimore Public Markets Corp. is breaking ground on a new revitalization effort. A $2.1 million project to redevelop Hollins Market kicked off May 1, Baltimore Public Markets announced this week.

Philanthropy Tank Baltimore, a nonprofit organization that empowers and equips eighth- to 11th-grade students with mentorship and funding so they may address social issues in their own communities through creative social impact programs, Monday announced its third group of changemakers and details of its finals event June 14 at the Double Tree by Hilton Hotel in Pikesville, the first in-person event since launching in Baltimore in 2020.

Startup-focused D.C.-area law firm Next is accepting applications from companies looking to raise seed capital for an upcoming investor showcase. An independent brand of Shulman Rogers, Next is geared specifically to the startup market, offering guidance on everything from launch to fundraising to growth, all with fixed-price fee packages that may appeal to startups on a budget. The investor showcase, dubbed Next Raise, is another way the firm is catering to its target community by trying to address a common client issue: Where’s the money?

PNC is closing 30 branches nationwide, including nine branches in Maryland, in its next round of cuts, according to regulatory filings confirmed by the Pittsburgh-based bank. All nine branches that are closing in the state, eight of which are located in Montgomery County, are located in Giant Food grocery stores. The branch closures continue PNC Financial Services Group Inc.’s (NYSE: PNC) shedding of branches in Maryland in 2023.

Frederick Health Hospital has eliminated 150 vacant positions this fiscal year and is “restructuring” roughly 40 current positions that are filled, according to President and Chief Executive Officer Tom Kleinhanzl. The Frederick area’s largest health care provider is also making additional cost-cutting measures by renegotiating purchasing agreements for hospital supplies.

Just a few years ago, the Maryland Jockey Club pushed to move the Preakness from Baltimore to Laurel Park. But soon, the track midway between Baltimore and Washington might not host any horse races at all. As the racetrack owners, horsemen and the General Assembly — which recently created a state-operated racing authority — contemplate the future of Maryland horse racing, it’s Laurel Park that could be a casualty of the declining industry.