The Federal Reserve announced enforcement actions Friday against First Mariner Bancorp in Maryland, moves taken to help maintain the company's financial soundness, according to the central bank.
Under a written agreement, First Mariner may not declare or pay any dividend without prior Fed approval. The bank holding company owns and controls First Mariner Bank of Baltimore, along with a state-chartered bank and various nonbank subsidiaries.
First Mariner also may not directly or indirectly take dividends or any other form of payment representing a reduction in its bank's capital.
The company also may not incur or increase or guarantee any debt without the Fed's prior written approval.
Among other enforcement actions, First Mariner must submit to Fed officials a written plan to maintain sufficient capital.