First Mariner Bancorp in Baltimore disclosed Friday that it has a hearing later this month that could have a key influence on its future.
The $1.16 billion-asset said in its quarterly filing Friday with the Securities and Exchange Commission that the Nasdaq has scheduled a hearing on Aug. 25, where First Mariner will appeal its expected delisting from the exchange. First Mariner warned in the filing that maintaining its Nasdaq listing is a condition for it to receive a much needed $36 million capital infusion from Priam Capital Fund I in New York.
The Nasdaq sent First Mariner a letter on July 15 rejected the company's request to stay listed on the Nasdaq Capital Market exchange. First Mariner requested a hearing, which delayed its delisting. The Nasdaq Hearings Panel has 30 days following the hearing to decide whether or not to grant the company an extension of time, the filing said.
In September, regulators hit First Mariner with a consent order, directing the company to raise its Tier 1 leverage and total risk-based capitals to 7.5% and 11%, respectively, by June 30. The company said in the filing that it did not meet the requirements.