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
     confidential solicitation and receipt of bids.  The Complaint alleged that
     Russell tipped his boss, Angelos, who was the Deputy Director of the
     Maryland Port Administration.  Following Russell's tips, according to the
     Complaint, Angelos purchased a total of 8,600 shares of the common stock of
     Baltimore Bancorp on two separate occasions before a January 13, 1994
     announcement.  The Complaint alleged that Angelos realized profits
     totalling $36,650 from his illegal trading in Baltimore Bancorp securities. 


          The Commission acknowledges the assistance of the New York Stock
     Exchange in this matter.  














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