The Federal Reserve Board on Monday cleared First Mariner Bancorp, Baltimore, to buy up to 100% of the voting shares in Glen Burnie (Md.) Bancorp, a competitor.

This is the latest chapter in $260 million-asset First Mariner's campaign to take control of Glen Burnie, which has $214 million of assets. In the past year, it has bought 18.9% of Glen Burnie's shares from private sharesholders and has made offers to buy the rest.

The Fed rejected several objections from Glen Burnie, including a complaint that as a minority shareholder First Mariner would "cause dissension and disruption within the management of Glen Burnie."

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