Ravens, M&T sign deal; Adams Funds CEO retires; Jonas Brothers concert revealed

Good morning and TGIF! Hope you're enjoying this beautiful weather this week. It's expected to hit 83 degrees today with clear, sunny skies. Rain comes in for Saturday, with cooler temps on the way for Sunday.

Here's what else you should know today.

Ravens, M&T Bank extend stadium naming rights deal

We still don't know what's going on with contracts talks between Lamar Jackson and the Baltimore Ravens . Well, at least we know now that the name M&T Bank Stadium is sticking around. The Ravens and the Buffalo-based bank (NYSE: MTB) on Thursday announced an extension of the deal that will see M&T Bank keep its name on the stadium until 2037. The naming rights deal comes just a few months after the Ravens signed a new lease to keep them in the stadium until 2037. “We feel honored and privileged to extend our partnership with M&T Bank. Our naming rights partnership is the most important partnership that we have. M&T Bank has been an awesome partner and will continue to be for the next 15 years,” Sashi Brown , president of the Ravens said.

Adams Funds names new CEO

Mark Stoeckle , CEO of the Adams Funds , two of the nation's oldest closed-end funds, has retired after 10 years with the Baltimore company. The Adams Funds are made up of Adams Diversified Equity Fund Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO), two of the nation’s oldest closed-end funds, Stoeckle served as Adams Funds’ CEO since February 2013 and president of ADX since January 2015. He also led the Funds’ Management Committee. Before joining Adams Funds, Mark had a 32-year career in financial services and asset management. The company on Thursday said James P. Haynie, who was elected by the boards of the funds to succeed Stoeckle, has assumed his new responsibilities as CEO of Adams Funds and has also been elected to the boards, effective Thursday. Stoeckle's departure and Haynie's planned promotion was first announced in September.

Baltimore ranks high for being "Instagrammable"

Baltimore made the top 10 for being one of the East Coast's "Most Instagrammable Cities." What does that mean exactly? Well, it seems like Charm City logged 9 million posts on Instagram — the social media site that focuses on photos — using the hashtag #baltimore. That's according to a new study by New Jersey Real Estate Social Network . The company compiled a list of 18 principal cities on the East Coast and analyzed Instagram hashtags for each city before ranking them according to the total number of posts. This is what the survey said about Baltimore: "Known as ‘Charm City’, Baltimore has a lively entertainment scene with plenty of music and art to enjoy. The city’s historic architecture is also featured widely." Miami with its sunny climes and amazing sunsets came in first with 85 million posts using the hashtag #miami.

Cannabis credit score startup CTrust is moving, raising millions

CTrust LLC, led by D.C. cannabis entrepreneur Giadha Aguirre de Carcer , is following through on plans it laid out in late 2022 to provide credit scores to marijuana operators struggling to obtain financing from lenders, the Washington Business Journal, our sister paper, reports. The company is now closing in a $500,000 seed round, which is just the first tranche of a much larger target that also includes a $2.5 million Series A round, to be followed by a third, $3 million tranche, and a fourth tranche that, ultimately, would bring the total raised to between $10 million and $12 million, CEO Aguirre de Carcer, said.

Chapter 11 filings are on the rise

Total bankruptcies filed in the United States in March rose 17% from last year. Compared with the previous month, filings for individual and commercial bankruptcy are up 33%. That's not good news for the economy, says Neil Sader, a bankruptcy attorney, told the Kansas City Business Journal. He said activity has been relatively quiet since 2012, the longest stretch of his 39-year legal career. He attributed it primarily to the federal government pumping nearly $6 trillion into the economy during the pandemic. But that's starting to change now as rising interest rates take a toll. “During Covid-19, loans were given out like candy,” Sader said. “Everyone was getting crazy amounts of money. But now, if the business isn’t working, there’s no more of that money coming in. Business owners are realizing that not only do they have regular business debt, but they also have [SBA] debt."

McDaniel College's Innovation and Entrepreneur Challenge picks winners

Javon Spencer's ReDorm earned the $5,000 top prize as the first-place winner of McDaniel College 's seventh annual Innovation and Entrepreneurship Challenge on Thursday. ReDorm is a recycling app that connects college students with furniture, room accessories, textbooks and other things they need for their dorm or apartment. Spencer is a business administration major from New Castle, Delaware. Y LIME, a concept presented by junior Emily Trachoo, a marketing major from College Park, received $1,000 as the runner-up; while junior Kiyara Fleming of Baltimore, who presented Kiy Productions, was the $1,000 People’s Choice winner. Eric Grinwis, a business administration major from Laurel was the $1,000 Community Changer award recipient.

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Jonas Brothers concert location no longer a secret

Fans of the boy band — OK, men band — the Jonas Brothers no longer have to wonder where the trio is playing their "secret" Baltimore concert. The Jonas Brothers said Thursday that they'll perform April 28 at Baltimore Soundstage, a smallish venue in Downtown Baltimore that holds between 500 and 1,000 spectators. The concert is one of “three secret shows” the brothers are playing, along with one slated for Los Angeles, California, and another in Dallas-Fort Worth, Texas.

Orioles unveil 2023 Birdland Summer Music Series

There's no secret location for the Baltimore Orioles ' 2023 Birdland Summer Music Series. The team will host three post-game concerts at Oriole Park at Camden Yards this summer. Andy Grammar will play the Yard on May 27; DJ Diesel aka Shaquille O'Neal will take the stage June 30; and Brett Young will perform Sept. 15. All postgame concerts are included with the purchase of a game ticket for that respective date and will be open to all fans at the game. A limited number of on-field passes will be available for an additional cost.

This newsletter was written by Joanna Sullivan, Editor-in-Chief at the Baltimore Business Journal. I can be reached at [email protected].?