MVB One of First Two Maryland Banks to Provide MD Opportunity Accounts
October 6, 2026
The Maryland Department of Labor recently announced that Middletown Valley Bank is one of the first two financial institutions in Maryland to apply for and achieve certification under the Maryland Opportunity Account initiative. The press release states:
BALTIMORE, MD (September 30, 2026) – The Maryland Department of Labor’s Office of Financial Regulation today announced that First United Bank & Trust and Middletown Valley Bank have become the first financial institutions to apply for and achieve certification under the new Maryland Opportunity Account initiative.
“Every Marylander deserves access to safe, affordable, and reliable banking tools,” said Maryland Department of Labor Secretary Portia Wu. “The Maryland Opportunity Account initiative will make an important difference in the lives of many Marylanders, helping them to save what they earn and grow their financial security.”
The Maryland Opportunity Account initiative expands access to affordable, secure, and low-cost deposit accounts for unbanked and underbanked Marylanders. It was established under legislative enhancements to the Access to Banking Act earlier this year.
State-chartered banks and credit unions can qualify for Maryland Opportunity Account designation by offering deposit accounts that meet national Bank On standards, with consumer-friendly features including:
- Low minimum opening deposit ($25 or less)
- Low monthly maintenance fees ($10 or less)
- No overdraft or non-sufficient funds fees
- Free debit card access and free online bill pay
"We applaud First United Bank & Trust and Middletown Valley Bank for stepping up as the pioneers of this initiative,” said Antonio P. Salazar, Commissioner of Financial Regulation. “These institutions are demonstrating leadership in community investment and financial empowerment, and we are excited to see this initiative continue to expand across Maryland.”
Under the program, state-chartered institutions receiving certification for an active deposit account product earn an annual regulatory assessment fee credit of $5,000 in their first year of certification, and $3,000 for each subsequent year. Additionally, offering this type of account can strategically help the institution attract new customers or members.
First United Bank & Trust and Middletown Valley Bank participated in informational sessions hosted by the Office of Financial Regulation in partnership with the Cities for Financial Empowerment Fund and the CASH Campaign of Maryland. Both banks submitted their certifications to lead the effort in offering accessible deposit products—including First United's My Money Works Checking and Middletown Valley Bank's SimpleSpend Account. These products are designed to provide path-breaking financial access across Maryland communities.