Gaylord National to reopen steakhouse after renovation; Silicon Valley Bank continues to struggle

Good morning Baltimore!

It's going to be sunny and pleasant today with temperatures in the low 60s.

Now, here's what you need to know to start your day.

Silicon Valley Bank continues to struggle under new owner

In the four weeks since First Citizens Bank acquired Silicon Valley Bank , dozens of bankers have left the latter for rival institutions and SVB has continued to see its deposits shrink, Silicon Valley Business Journal reports. The decline in deposits comes after the institution already saw its deposits shrink from $119 billion when regulators seized it on March 10, to $56 billion on March 26, when First Citizens agreed to acquire it. That plunge came on top of the $42 billion bank run that led to SVB's insolvency.

Gaylord National to reopen Old Hickory Steakhouse

The Gaylord National Resort & Convention Center at National Harbor in Prince George's County will reopen its Old Hickory Steakhouse next month. The redo is part of a $14 million effort to transform all the restaurants at the property, including the Harbor Social sports bar, Pose Rooftop Lounge and Belvedere Lobby Bar and follows a $64 million guest room overhaul at the hotel. The 10,000-square-foot Old Hickory will add weekend brunch service when it reopens, among other changes, Washington Business Journal reports.

Want to see inside the renovated steakhouse? Click here.

Maryland's treasurer takes control of embattled 529 college savings plan

Gov. Wes Moore yesterday signed legislation aimed at overhauling the state's 529 college savings agency by transferring control to the state's treasurer. The move follows months of issues with the agency, which suspended earnings on roughly 31,000 prepaid accounts last summer amid claims of inaccurate balances — claims account holders dispute. As a result, many families are now struggling to pay for college tuition. With the transfer of control, the agency's 12-member board of directors will be dissolved, Washington Post reports.

One of Maryland's longest-serving House of Delegates speakers has died

Casper R. Taylor Jr. died on Monday at age 88. He was one of Maryland's longest-serving House of Delegates speakers, first coming into the position in 1994, and the first speaker from Western Maryland in 100 years. Taylor, a Democrat from Allegany County, fought to make health insurance more available to people and helped build up business and tourism in Western Maryland, Baltimore Sun reports.

Baltimore developer Scott Plank lists his Silo Point penthouse for $3.75M

Developer and entrepreneur Scott Plank is asking $3.75 million for his 5,000-square-foot penthouse at Silo Point that was listed this weekend. The three-bedroom, 3.5-bath property is among several luxury condos for sale in the city this spring. Plank, brother of Under Armour founder Kevin Plank and a former executive at the sportswear company bought the penthouse in 2016 for about $2.6 million. The condo stretches two stories and is encased in glass to showcase 360-degree vistas of Baltimore and beyond. It has a private rooftop terrace, a chef's kitchen, a large master bedroom, a loft and a den, among its many living spaces. The unit comes with five spaces in the Silo Point parking garage.

Take a look inside the condo here.

Patterson Bowling Center to reopen in a smaller venue

A beloved East Baltimore bowling alley is expected to reopen in a smaller space after closing in its historic home in December, much to the dismay of locals, neighbors and others with fond memories of the duckpin alley. Developers say the new Patterson Bowling Center will reopen as soon as this winter in the renovated Eastern Avenue building that will hold 15 apartments on the top floor. The alley will be on the ground floor and is expected to include a bar, Baltimore Sun reports.

Investor bids $4B to take Getty Images private

Boston-based investment firm Trillium Capital LLC offered on Monday to acquire Getty Images Holding Inc. for $4 billion in cash or $10 per share. The proposed buyout comes less than a year after the Seattle-based visual media company went public again after 10 years of private ownership. The company debuted on the New York Stock Exchange last July at over $26 per share, but has since sunk to just over $5, Puget Sound Business Journal reports.

Baltimore Blast to play MASL Championship game in Mexico

The Baltimore Blast will travel to Mexico this week to play the Chihuahua Savage for the 2022-23 Major Arena Soccer League Championship in two games on Thursday and Friday evening. This season marks the first time the Blast has had to play an entire playoff series on the road due to a shortage of venues in the area. The team has also pushed through a series of player injuries and finished its regular season as the No. 2 seed in the East, according to a release from the team.

This newsletter was written by Carley Milligan, Digital Editor at the Baltimore Business Journal. I can be reached at cmilligan@bizjournals.com.