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First Mariner Bancorp in Baltimore disclosed Friday that it has a hearing later this month that could have a key influence on its future.
August 12 -
First Mariner Bancorp reported a loss of $11 million in the second quarter, plunging the ailing Baltimore company deeper into a capital hole.
July 29 -
Two struggling community banks — Waccamaw Bancshares Inc. in Whiteville, N.C., and First Mariner Bancorp in Baltimore — have received letters from the Nasdaq Stock Market warning that their stocks could be removed from the exchange for failing to meet basic listing requirements.
May 23 -
To close on a $36.4 million injection from Priam Capital Fund I LP, 1st Mariner Bancorp must raise another $123.6 million — and part ways with Edwin Hale Sr., the company's founder, chairman and chief executive.
April 21
Recapitalization efforts at First Mariner Bancorp may be in peril following the company's removal from a Nasdaq listing.
The Baltimore company said Wednesday that it would move to the OTC Bulletin Board on Sept. 1 after the Nasdaq denied a request for continued listing. The company lost an appeal over its Nasdaq listing, which was in jeopardy because First Mariner's equity was below $2.5 million and it failed to maintain a minimum stock price of $1 a share.
The rejection potentially throws a major wrench into the $1.16 billion-asset company's recapitalization plans. The company has a pending $36 million capital infusion from Priam Capital Fund I in New York. However, it warned earlier this month in a regulatory filing that continued listing was a requirement of the investment and that delisting would allow Priam to walk away from the deal.
The company had negative equity of $13.4 million at June 30. Its bank was undercapitalized with a total risk-based capital ratio of 6.9% and a leverage ratio of 3.8%.
