The board of 1st Mariner Bancorp (FMAR) has withdrawn from a long delayed securities purchase agreement with a New York investment firm that would have injected badly needed capital into the Baltimore company.

Under the April 2011 agreement, Priam Capital Fund I would have invested roughly $36.4 million into the $1.3 billion-asset 1st Mariner. But 1st Mariner struggled to raise the additional $123.6 million from other investors as required by the agreement and earlier this year, it had warned investors it was in danger of failing if it didn't raise fresh capital.

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