Md. Code, State Finance and Procurement § 2–602.1

The Treasurer shall maintain all securities other than physical securities with:

(1) any institution incorporated under the laws of the State as a State bank, trust company, or savings bank;

(2) any national banking association that has its principal office in the State; or

(3) any trust company, as defined in § 1-101 of the Estates and Trusts Article.