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Article: Baltimore-based First Mariner sells unit for $10.5M
- Article from:
- The Daily Record (Baltimore)
- Article date:
- October 14, 2009
- Author:
CopyrightCopyright 2009 The Daily Record (Baltimore). Provided by ProQuest LLC. (Hide copyright information)
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First Mariner Bancorp agreed to sell 95 percent of Mariner
Finance LLC, its consumer finance firm, for $10.5 million in order
to satisfy an order from federal regulators to raise capital
reserves at 1st Mariner Bank, the company said Tuesday.
The bank consented to a Federal Deposit Insurance Corp. order
last month that required it to increase its capital levels within
the next nine months.
"The sale of Mariner Finance is a first and major step in
increasing First Mariner Bank's capital as required to meet the
FDIC's specified ratios," said Edwin F. Hale Sr., chairman and CEO
of First Mariner Bancorp, in a statement.
The buyer was MF Holdco LLC, a newly formed holding company
backed by St. ...