A Week In Business – September 14, 2018

A Week In Business – September 14, 2018

Company Qualified To Trade

NEW YORK — OTC Markets Group Inc., operator of financial markets for 10,000 U.S. and global securities, has announced Delmar Bancorp, a holding company for The Bank of Delmarva, has qualified to trade on the OTCQX® Best Market. Delmar Bancorp upgraded to OTCQX from the OTCQB® Venture Market.

Delmar Bancorp began trading Monday on OTCQX under the symbol “DBCP.” U

“We are pleased to welcome Delmar to our OTCQX Best Market,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “Delmar is the 15th bank this year to join OTCQX and the growing number of investor-focused community banks that are committed to providing investors with transparent trading.”

Delmar Bancorp President and CEO John Breda said, “Delmar Bancorp is pleased to be joining the OTCQX. Trading on this premium public market will provide liquidity for our shareholders and create enhanced visibility and a national presence for our bank.”

Delmar Bancorp was sponsored for OTCQX by FIG Partners LLC, an employee-owned broker/dealer specializing in financial institutions.

The Bank of Delmarva operates 14 full-service branch facilities in Maryland, Delaware and New Jersey.

x

Monthly Market Recap

BERLIN – Another month of low inventory, less settlements, and higher prices has the Lower Eastern Shore aligned with the latest market trends reported by the National Association of REALTORS® (NAR).

According to the Coastal Association of REALTORS® (Coastal), August 2018 did see a 7.7 percent bump in new listings, but overall active listings were down by 24 percent on the Shore. That translates to 572 new listings and 3,149 active listings for the month of August. Individually, available housing units were down by 27.2 percent in Worcester County, by 23.3 percent in Wicomico County, and by 8.5 percent in Somerset County, compared to the same time last year.

New settlements were down by 7.4 percent overall compared to August of last year, with Worcester seeing a 1.8 percent drop, Wicomico a 12.9 percent drop, and Somerset a 24.2 percent drop. Year to date settlements were down overall by 5.7 percent, with Worcester seeing a 6.7 percent decrease and Wicomico a 5.8 percent decrease. Somerset was up by 4.1 percent.

Limited inventory tends to boost housing prices, and the Lower Eastern Shore was no exception last month. The median list price for the Tri-County area was $171,750, which is 12.3 percent higher than the same time last year. The median sale price was $162,000, which is 4.5 percent higher than the same time last year.

Residential properties are moving off the market a bit faster than they were last year. Overall, cumulative days on market (CDOM) was up 8.3 percent. Individually, CDOM was up by 18.2 percent in Worcester and by 121.2 percent in Somerset, but was down by 41.7 percent in Wicomico.

A recent report released by NAR’s Chief Economist Lawrence Yun showed that REALTORS® across the country have stated that limited housing inventory is hindering local market home sales. Inventory levels have fallen for three straight years, and multiple bidding is still prevalent on starter homes in many markets across the country. Some of the nation’s hottest housing markets are said to be slowing, but drops in home sales can be connected directly to supply shortages and corresponding price increases.

“The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed,” Yun said. “Additional inventory will also help contain rapid home price growth and open up the market to perspective homebuyers who are consequently – and increasingly – being priced out. In the end, slower price growth is healthier price growth.”

Coastal President Joel Maher said increased home construction would definitely boost the local market.

“New home construction in our area is difficult right now due to high costs, state regulations, and septic issues,” Maher said. “We’re working with local and state legislators, as well as other industry partners to figure out the best way to responsibly meet this demand. We still encourage potential buyers to meet with a REALTOR® to review current market offerings. You never know what will be listed every day, and you could miss out on your dream home if you aren’t proactive.”

x

August Office Leaders

OCEAN CITY — The Mark Fritschle Group at Condominium Realty, LTD. has announced the listing and sales leaders for August.

Top listing agents by units were Kevin Decker, Wayne Phillips and Eric Cropper.

Top listing agents by volume were Kevin Decker, Wayne Phillips and Eric Cropper.

Top settled units were Kevin Decker, first place; Jon Barker, Joy Snyder, Tracy Zell and Richie DiFilippo, second place; and Sheri Smith and Mia McCarthy, third place.

Top settled by volume were Richie DiFilippo, Kevin Decker and Jon Barker.

x

Accreditation Earned

BERLIN — Atlantic General Hospital announced Atlantic General Bariatric Center has been accredited as a Center of Excellence under the Metabolic and Bariatric Surgery Accreditation and Quality Improvement Program (MBSAQIP), a joint program of the American College of Surgeons (ACS) and the American Society for Metabolic and Bariatric Surgery (ASMBS). The center was originally accredited in August of 2015.

The MBSAQIP Standards, outlined in the Resources for Optimal Care of the Metabolic and Bariatric Surgery Patient 2016, ensure that bariatric surgical patients receive a multidisciplinary program, not just a surgical procedure, which improves patient outcomes and long-term success. The accredited center offers preoperative and postoperative care designed specifically for their severely obese patients.

“We’re very honored to have received this designation. Our team is very deserving of this accolade as they strive each day to provide patients with the level of quality care they deserve in a safe, caring environment,” said Dr. Alae Zarif, Medical Director of Surgical Services at Atlantic General Bariatric Center.

Atlantic General Bariatric Center’s commitment to quality care begins with appropriately trained staff and the leadership of surgeons who participate in meetings throughout the year to review its outcomes. They seek continuous improvement to enhance the structure, process and outcomes of the center.

To earn the MBSAQIP designation, the bariatric center met essential criteria for staffing, training and facility infrastructure and protocols for care, ensuring its ability to support patients with severe obesity. The center also participates in a national data registry that yields semiannual reports on the quality of its processes and outcomes, identifying opportunities for continuous quality improvement. The standards are specified in the MBSAQIP Resources for Optimal Care of the Metabolic and Bariatric Surgery Patient 2016, published by the ACS and ASMBS.

Centers seeking MBSAQIP Accreditation undergo an extensive site visit by an experienced bariatric surgeon, who reviews the center’s structure, process, and clinical outcomes data.

In the United States, around 15.5 million people suffer from severe obesity, according to the National Institutes of Health, and the numbers continue to increase. Obesity increases the risks of morbidity and mortality because of the diseases and conditions that are commonly associated with it, such as type II diabetes, hypertension, and cardiovascular disease, among other health risks.

Metabolic and bariatric surgical procedures have proven to be effective in the reduction of conditions related to severe obesity. Working with ASMBS, the ACS expanded this quality program for bariatric surgery centers so that it can assist bariatric patients in identifying those centers that provide optimal surgical care.