Excellent business and economics writer Jamie Smith Hopkins reports 1st Mariner Bank to be sold to investors

1st Mariner Bank to be sold to investors - baltimoresun.com

Parent company filed for bankruptcy protection as part of the deal; the bank is not included in that filing

By Jamie Smith Hopkins, The Baltimore Sun 7:12 PM EST, February 10, 2014

http://www.baltimoresun.com/business/money/bs-bz-first-mariner-to-be-sold-20140210,0,3218227.story

Labels: Bus Banking 1st Mariner Bank, Bus Econ Banking, Business Banking, Journalists Hopkins Jamie Smith Sun, People Keidel Mark

The parent company of 1st Mariner Bank said Monday that it has signed a deal to sell the bank after years of regulatory demands that it increase its capital, potentially ending the company's long struggle to right itself after the mortgage crisis.

A group of investors, many with local ties, have agreed to buy the Baltimore bank — the largest based in the region — and recapitalize it with about $100 million.

First Mariner Bancorp, the parent company, said it filed for Chapter 11 bankruptcy protection Monday afternoon in Baltimore federal court to "facilitate the transaction."

[…]

"For four years, the bank has been under a regulatory order that it's been trying to satisfy, and we've reached the finish line," said Mark Keidel, interim president of 1st Mariner Bank. "This agreement … puts the bank on much firmer financial ground — and quite frankly gives us the ability to be back on offense."

Read more: http://www.baltimoresun.com/business/money/bs-bz-first-mariner-to-be-sold-20140210,0,3218227.story

Jamie Smith Hopkins: 1st Mariner Bank to be sold to investors

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