Maryland granted Citicorp full banking rights.
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State lawmakers, on the last day of the 1985 session, approved the nation’s largest bank holding company’s application to open as many as 20 full-service banks in Maryland. In exchange, Citicorp will build a $25-million credit card processing center and provide 1,000 jobs in Hagerstown, Md. The Maryland Legislature acted over objections of local Maryland banks and two of Citicorp’s big New York competitors. Citicorp still will need federal regulatory approval to open the banks.
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